on the Space Coast
The "Condotel" Concept
Tuckaway Shores Resort located at 1441 S. Miramar Ave. in Indialantic
is the newest trend sweeping the country. Tuckaway Shores has been recently
purchased by brother and sister, Michael and Jacqui McPhillips, and converted
to a condotel.
When Jacqui first heard about Tuckaway, she went to see it imagining
that, as a developer, they could tear it down and build high rise deluxe
condominiums to sell. When she saw Tuckaway and then went into one of
the Junior Suites, she immediately changed her mind. Her first thoughts
were "This is way too nice to tear down; I'd love to own
one of these units and I bet other people would too."
That started Jacqui's research into the condotel phenomenon that
has been sweeping the country for the past few years. She found out that
the concept isn't really new at all. It's been around for
the past 10 or so years but has really taken off in the past few years.
It seems to have started in South Beach and then kept coming up the coast,
then to the Orlando area and the other side of the coast. Many are being
built in Las Vegas and other prime locations in popular destination resort
Jacqui's research taught her that condotels are a hybrid. Like
a typical condo, they have an association that takes care of the common
areas such as the pool, lawn, utilities and insurance, while they also
have a hotel management program, which takes care of the day to day hotel
operations of renting the units on a nightly, weekly or monthly basis.
The hotel takes care of all of the day-to-day operations of marketing
the property, the front desk to check people in, the maid service and
checking people out.
"It's basically, a hassle free way for owners to have a
vacation home when they want to use it and have others generate revenue
when they're not. I really liked the idea when I finally understood
it," Jacqui said. "Most condos split the revenue with the
owner with the owner getting anywhere from 30-60 percent. We've
tried to make our rental program as owner friendly as possible with the
owners receiving 60 percent. The hotel management pays all of the associated
hotel operations out of the 40 percent.
"Tuckaway Shores also has a wonderful return guest list. People
have been returning to Tuckaway for years," she said. "I've
spoken or met many of them and they all keep saying the same thing, 'You're
not going to change anything are you?' I don't want to
change any of the character because that's what everyone seems
to like, that 'old Florida' ambience as well as the great
Tuckaway enjoys a wonderful direct oceanfront location with 150 feet
of white sand.
"All we're going to do is tweak it," Jacqui said. "We're
heating the pool next year, changing out the appliances such as the refrigerator,
TV, microwave and two burner range top. All of the queen beds will have
pillow-top mattresses. We also want to resurface the
pool deck and gussy up the lobby and the pool community building."
has 32 Junior Suites that sleep four with a full kitchenette. Many
people stay there
for up 90 days. Last year, Tuckaway Shores enjoyed an average year-round
occupancy of close to 79 percent, which is quite high in the hospitality
"My personal goal is to improve on that number and the revenue," Jacqui
said. "If our owners are really happy, they just may want to
buy a unit at the next property we convert."
"We just recently started to market Tuckaway Shores as a condo hotel
and we have
already sold or have reservations on 12 of the Suites. We're
keeping one of the units ourselves."
starts at $244,900 for the first floor ocean view and range up to
$274,900 for the third
floor direct ocean.
"We plan on putting in a window wall system on the third floor, which
I'm excited about. We think it will be like sitting on a balcony
while you're really sitting in your living room. No one else
has that in this area. It's been really exciting working on
the repositioning of Tuckaway as a condotel. In fact, after we sell
out all of our two-room Suites, we're probably going to be looking
for more possibilities."