The Lexington Hotel located on SR 50(Colonial Drive) just West of I-4 will be grounds for the latest Orlando branch chain of Crowne Plaza hotels. InterContinental Hotels Group, which is the parent company to Crowne Plaza, mentioned that it hopes to attract and lure travelers of Central Business District companies. The facility will be used to host small to mid size meetings in the downtown Orlando area. Plans are to add approximately 1,500 square feet
of meeting space in the next year to bring it’s total size up to 6,500 square feet.
The facility which used to be a hotel, switched gears and converted it’s units into the hybrid “Condotels” hoping to attract more interest of potential investors during the real estate boom a few years ago. Out of the appx 230 units that were available at the time of conversion, only 28 had actually been purchased. Those who still hold deeds on units at the Lexington will now be offered a buyout or rental pool/placement option to help offset the cost of retaining these units.
S&L Hospitality, who purchased the entire development back in April, is in the process of working through the details of the agreement with InterContinental Hotels Group.
