Photo credits: IGH Hotel background image
We recently talked about that $ 1 billion Evermore Orlando Resort, This is a brand new resort right next to Walt Disney World. While some hotel companies appear to be growing and announcing big plans during this tourism pandemic, others are fighting on.
The Holiday Inn Orlando Suites – Water Park Hotel has filed for bankruptcy despite being within a 5-minute drive of Walt Disney World Property.
Photo credit: IGH Hotels
Perhaps you remember this hotel resort better than the Nickelodeon Hotel, which eventually converted into the Holiday Inn it is now. This hotel is very close to Walt Disney World and offers guests only 10 minutes to get in their car and park in Disney Springs. So why did it fail?
Of course, the pandemic has hit tourism across the country very hard – and central Florida was no different. While we can never be sure why some hotel chains do better than others, seeing a resort close its doors is just as daunting as it is hopeful when new ones open.
According to a report by Orlando Business Journal which details the bankruptcy and sheds more light on the finances of the Holiday Inn:
The six-story, 777-room Holiday Inn Resort Orlando Suites hotel was built in 1999 and occupies 15 acres according to Orange County records. Uccont1 LLC bought the property in November 2014 for $ 41 million and the seller was Family Suites Real Estate LLC. The property’s market value for 2020 was $ 65 million.
Photo credit: IGH Hotels
According to the Orlando Business Journal, the hotel had to lay off over 300 employees in April.
This isn’t the first hotel to file for bankruptcy amid the ongoing pandemic. We recently reported that three other Orlando hotels were auctioned off as they also went bankrupt and foreclosed.
While other hotels are closing they are more open as Orlando and central Florida have become the revolving doors of the resorts. Here you can read all about the new hotels that have opened at Disney’s Flamingo Crossings.
We at ITM are all sad to hear of these closings and we hope 2021 brings more happiness to the entire tourism industry.
What do you think of this situation? Let us know in the comments.
