Hotel Investment in Melbourne Fl. A good Idea? (Cocoa, Cocoa Beach: condo, hotels)

[love$$$]

[FONT=Verdana]I am considering buying a hotel in Melbourne. At the moment this hotel is not doing well. However, what I would like to know if Melbourne is a town which is growing? Are there lots of events happening every year? I would appreciate any feedback.[/FONT]

[allenk893]

Originally Posted by love$$$

I am considering buying a hotel in Melbourne. At the moment this hotel is not doing well. However, what I would like to know if Melbourne is a town which is growing? Are there lots of events happening every year? I would appreciate any feedback.

I wouldn't do it.. Melbourne's economy is shaky enough as it is. If I were you, I wouldn't take the chance. With so much compeition against other hotels in the Melbourne area, it doesn't seem worth it. If it were a smaller town, maybe.

[qdogfball]

The space shuttle is about to go away, as if there were another reason to NOT buy a hotel in FL.

Why did the investment look good in the first place? There is NO Hotel investment in Fl that is good ATM.

Unless you can get it in prime shape for free..

[jambo101]

If the hotel is doing poorly what are you going to do to change the decline?

[jghorton]

Melbourne and the beach area is a terrific place to live, but has experienced the same downturn as the rest of the country. However, Brevard is about to lose 2000-5000 jobs as the shuttle program winds-down, on top of an already high unemployment rate. That may not kill the local economy ... but, it is also unlikely to produce an upswing.

This may be a good time to excercise caution in buying property, hotels or otherwise, anywhere, including Melbourne. Still, there are a lot of major hotels here that are still betting on the future.

[Coconut1]

Notice the fear here.

Do the opposite.

Good luck.

[jambo101]

Originally Posted by Coconut1

Notice the fear here.

Do the opposite.

Good luck.

What you see as fear i see as common sense..

[Coconut1]

I heard the same back in 2005 when people were saying "buy a house or a condo, prices are only going up!" That was common sense then.

[SandmanSand]

I'd pass up on the deal if I were you, too many there with very little occupancy.
Soon I'm sure some will be closing. Compare it to when the Apollo Mission ended at NASA. Workers were left with no jobs, no work to be found in the Cocoa Beach/Cape Canaveral areas. While employed there people bought homes, couldn't make payments, many left the keys to the house on a table and moved out of state.