Wednesday, March 15, 2006

Lauderdale developer plans $800 million luxury hotel near Orlando

A Fort Lauderdale developer announced plans on Wednesday to build a 1,260-room Intercontinental hotel on Lake Bryan about four miles from the Orange County Convention Center.

The luxury hotel, which would be the largest Intercontinental in the world, will be called Palazzo del Lago. Hospitality Development Group plans to begin construction this fall. It is expected to open in early 2009 at a cost of $800 million.

The resort would contain 994 units in five 18-story towers called the Villas at Palazzo del Lago, a condominium hotel with prices starting at more than $300,000 each. The remainder of the rooms would be conventionally financed.