Loews Motels is within the midst of the largest growth in its 65-year historical past, opening three lodges within the Orlando market tied to Comcast Corp.’s new Epic Universe theme park.
The lodges, which value a mixed $1 billion to construct, are a three way partnership between Loews and Comcast’s Common Locations & Experiences division. They’ll introduce 2,000 new rooms right into a market the place demand and income declined final 12 months, however Alex Tisch, chief govt officer of the resort firm, stated he thinks the resorts will probably be an enormous hit when the theme park opens on Could 22.
“Individuals are going to indicate up in droves,” he stated in an interview.
Epic Universe will function new lands dedicated to Harry Potter, a Tremendous Nintendo World and Common Photos’ lineup of basic film monsters. It will likely be the third full-fledged theme park that Common operates within the space, and is designed to lure individuals looking for lengthier holidays, a lot as Walt Disney Co. does with its 4 parks close by.
“Now you possibly can go to Common after which go to Disney for a day,” Tisch stated.
In contrast to different resort firms that are inclined to give attention to producing franchise or administration charges for properties owned by others, Loews has an curiosity in almost all of its resorts, making its progress extra deliberate, Tisch stated. The resort group is a unit of New York-based insurance coverage and vitality conglomerate Loews Corp.
The Loews relationship dates again to 1999, when Common opened its second park there, Islands of Journey, and Loews launched the Italian Riviera-themed Portofino Bay Lodge. Different lodges adopted, together with reasonably priced ones for households. The three way partnership will quickly have 11 properties with 11,000 rooms in Orlando, greater than half of Loews’ whole room depend nationally.
The three new resorts embrace the Common Helios Grand Lodge, which may have lodging with a view of Epic Universe and its personal devoted entrance to the park. Common Stella Nova Resort, which opened in January, has an area theme, together with a ceiling that sparkles like a starry sky.
Very like at Disney, staying on the lodges comes with perks, akin to early entry to the parks, free shuttles, the power to purchase merchandise within the park with a resort key card and have it delivered to your room.
Florida’s theme parks had been among the many first resorts to reopen through the pandemic. Common and its opponents loved growth instances till final 12 months when wealthier People moved from home tourism to European holidays and cruises, and inflation-pinched, budget-conscious customers reduce on journey.
Air site visitors in Orlando declined about 1% to 57.2 million passengers final 12 months.
Some vacationers could have held off visiting the town till Epic Universe opens, in accordance with Chantal Wu, senior director of hospitality market analytics with CoStar Group. She’s forecasting an almost 6% improve within the Orlando resort market this 12 months, to $147 in income per out there room, because of the elevated demand.
“We’re predicting very sturdy progress,” she stated.
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