From Hotel To Condo To Hotel Again For One Florida Building

An interesting story out of Orlando that might make you think twice about picking up a lower-priced condo as an investment property. The Lexington, a condo tower that was formerly a downtown hotel, is now becoming a hotel again. Those who bought condos at The Lexington are being offered a flat fee of $88,000 to be bought out. This fee is, in most cases, less than half of what the owners paid.

The buildins is home to 227 condos which will now all be part of a Crowne Plaza hotel. For the 30 people still owning condos they are facing a difficult choice: they can either accept the flat fee or pay $4,700 in upgrades for their unit and then rent it out. Owners who sign up for the rental program will get half of the $122 per night room rate. Some owners are understandably upset about the situation, especially those who bought in hoping that their property would be a good investment.