Business Observer · Naples, FL
Construction has started on a 290-room hotel that will bring two Hilton flags together under one roof in Naples. The hotel is being built at 870 Goodlette-Frank Road in The Commons Professional Park and when complete will be a shared by Homewood Suites by Hilton and Tru by Hilton. A spokesperson for the developer, Massachusetts-based AAM 15 Management, says the project cost is $100 million. According to a statement, Homewood Suites will have 170 “upscale” guest rooms with kitchens and living spaces suited for families, business travelers and long-term stays. Tru will have 120 guest rooms for shorter stays with “efficient layouts and accessible price points.” The eight-story hotel will have indoor and outdoor bar areas, a fitness center, meeting space and a restaurant serving breakfast, lunch and dinner. The goal of the dual-branded property, the statement says, is to “bring two distinct guest experiences” to the single space.
Business Observer · Naples, FL
A seven-figure income doesn’t always come with a mortgage. From Naples to Tampa Bay, households earning at least $1 million a year are increasingly entering the rental housing market, according to a new RentCafe report. Sarasota also made the apartment search website’s list of emerging markets for those high earners. Naples posted the country’s second-fastest growth in millionaire renter households on RentCafe’s ranking, trailing only Houston. Its estimate rose from seven households to 76, a 986% increase. That put Naples level with the much larger Tampa metro, where the estimated number climbed from 21 to 76, up 262%. Tampa ranked No. 15 for growth, edging past the national increase of 229%. The figures, published Oct. 15, come from RentCafe’s analysis of U.S. Census Bureau data it accessed through the Integrated Public Use Microdata Series, or IPUMS. RentCafe defines “millionaire” households as those with a combined annual income of at least $1 million.
Business Observer · Naples, FL
Vi at Bentley Village, a senior living facility in Naples, is set to start another redevelopment project at its property on Retreat Drive off of Tamiami Trail near the Audubon Country Club. The latest project will bring four new buildings to the community, which will add 72 new luxury independent living apartments. Three buildings will be demolished to make room for the new ones, the company says. Construction is expected to begin next year and be completed in 2029. Vi Senior Living, the parent company, did not disclose the cost of the project saying in an email that “as a private company, we do not publicly disclose our construction budgets. What we can share is that this project represents a significant long-term investment in the community.” The latest project comes about two years after the completion of another major renovation and expansion at the 156-acre community. That one saw the construction of four new independent living buildings totaling 64 apartments.