Orlando CityPlaceÂ / Lexington Hotel is set to become the latest casualty of the current housing correction. The OBJ reports that owners plan to file for Chaper 11 protection by the end of the month.
The Lexington Hotel side of the operation is reported to be profitable, however, only 31 of the 227Â condo hotelÂ units were sold. The hotel, formerly a Holiday Inn, will continue to operate as the Lexington Hotel for the time being, however, its conversion to alter ego Lexington Condo-Hotel would appear to have failed. The Lexington was Orlando’s first downtown condo hotel.
I say again, there are some great condo deals to be had in Orlando. And every community that fails simply underlines the point. Just know where to put your deposit money. If you don’t know, feel free to contactÂ us here atÂ Condo Metropolis to discuss your options!