Happy Wednesday, Orlando. Expect a partly sunny start to the morning, with more clouds rolling in this afternoon. Highs will reach about 95° with lows of 78°. Here’s what’s on deck:

• New Luxury Hotel Heading to Downtown Orlando’s Westcourt Project

• Orange County’s Tourist Tax Revenue Booms at Record Pace

Let’s dive in.

REAL ESTATE

New Luxury Hotel Heading to Downtown Orlando’s Westcourt Project

What's happening: The Houston-based firm Machete Group is partnering with JMA Ventures to introduce a Kimpton luxury hotel to the Westcourt mixed-use project coming to downtown Orlando.

The details:

• Location: The hotel will go up near the Kia Center, home of the Orlando Magic, who are minority shareholders in Westcourt.

• Amenities: The property will feature 261 rooms across 11 stories, with over 16,000 square feet of meeting space, a full-service restaurant, a lobby bar, a cafe, and a pool with a pool bar and lounge.

Context: This will be JMA Ventures’ second Kimpton hotel near an arena, following the success of the Kimpton Sawyer Hotel in Sacramento next to the King’s Golden 1 Arena.

Zooming out: The Westcourt project, in addition to the hotel, will also include a live events venue, a high-rise residential tower, a festival plaza, and immense retail and office space. The initial phase of the project, covering 900,000 square feet, is estimated at $500 million.

Why it matters: This project brings a significant upscale development to downtown Orlando, promising to elevate the local hospitality landscape and meet the growing demand for premium accommodations.

Read more here (Orlando Business Journal)

GOVERNMENT

Orange County’s Tourist Tax Revenue Booms at Record Pace

What's happening: Orange County’s tourist-tax collections for the fiscal year 2023-24 are on track to match last year’s record of $359 million. This is according to figures released by Comptroller Phil Diamond.

By the numbers:

• June collections hit over $30 million, an increase of $2.2 million from May.

• Total collections for the first nine months stand at $283.6 million, just $500,000 shy of last year’s pace.

• This total is also $36.1 million above the budget forecast of $247.5 million.

Revenue driver: The June figures were boosted by events like the AAU volleyball championships at the Convention Center, making the collection the second-highest for the month ever.

How it works: The Tourist Development Tax (TDT) is a 6% levy on hotel rooms and short-term lodging. The revenue supports:

• Visit Orlando (the region’s marketing agency)

• Orange County Convention Center

• Camping World Stadium

• The Kia Center

• Dr. Phillips Center for the Performing Arts

Other beneficiaries: Funds also aid local arts, cultural groups, and events such as the NFL Pro Bowl Games. Strong collections have increased TDT reserves to $408.2 million, surpassing the $300 million target.

Looking ahead: Some excess reserves are earmarked for projects like the University of Central Florida’s football stadium addition, with $10 million annually for nine years. However, tourism revenue can be unpredictable, affected by factors like seasonal travel and hurricanes.

Read more here (Orlando Sentinel)

QUICK HITS

In Other News…

1. Before It Melts, a new ice cream shop coming to Lake Nona, is set to open this Saturday from 12-4 PM by Park Pizza & Brewing Co.

2. Due to a delay in recent renovations, two Orlando-area schools might not open in time for classes to start. Orange County Public Schools is currently reviewing contingency options.

3. Big Lots, a discount retailer based in Ohio, will close 26 Florida locations, including four in Central Florida.

Thanks for tuning in to today’s edition of the newsletter. See you back here tomorrow.

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