Work and Play, Your Way Inn on Fifth Caters to Today’s Discerning Travelers

Work and Play, Your Way

Inn on Fifth Caters to Today’s Discerning Travelers

BY MEAGHAN BRANHAM

Florida’s reputation as one of the world’s top tourist destinations hasn’t changed over the past two years during travel restrictions brought on by COVID-19. What has changed, however, is what visitors expect from the places they go for work and for play.

On South Florida’s west coast, Inn on Fifth in Naples has become a hotspot for people looking for a getaway or destination meeting place, including travelers from Greater Orlando. Recently renovated, and with indoor and outdoor meeting space, the boutique hotel is perfectly positioned to take advantage of today’s new expectations.

“Whether guests are here vacationing or for a conference, they are looking for the more laid-back, relaxed atmosphere of our hotel and our destination,” says Cathy Christopher, the resort’s director of sales and marketing.

With the posh 5th Avenue shopping and dining district just outside the front door and the white sands of the Gulf of Mexico only blocks away, Inn on Fifth has long been a favorite for those looking to unwind or host an event in one of Florida’s most beautiful cities.

Today the hotel checks off all the boxes of what 2022 travelers are looking for. Christopher says. “It’s been a stressful couple of years for everyone, and a trip here is an opportunity to slow down, take an extra nap every day, enjoy the outdoors in a safe and friendly environment, and enjoy the amenities of a world-class destination.”

Those amenities include a spa, a fitness center, a rooftop pool and two popular on-site restaurants known for their extensive wine lists: Ocean Prime and Truluck’s. Throughout the 119 elegantly appointed rooms and suites, including 32 suites on the club level, the resort has continued to focus on pleasing aesthetics and impeccable cleanliness — something all travelers are demanding from the hospitality industry now more than ever because of the pandemic.

Visitors are also taking advantage of the inn’s conventional and not-so-conventional meeting spaces.

“Recent events have taught us that more than ever before, our group attendees want to get outside for their meals,” Christopher says. “They leave the meeting room and relocate to the pool and courtyard area to order lunch a la carte from our pool menu. Often, they love it outside so much that they continue their meeting poolside.” That outside space extends to the popular shopping and dining spots on 5th Avenue, where smaller crowds allow for safer outings. And visitors in Naples, as in most of Florida, have the advantage of a climate that allows those outside gatherings all year long — making the destination all the more viable for a safe meeting or vacation.

This year, the Inn on Fifth sees visitors continuing the trends they started in 2021, booking space for business and leisure trips — or a combination of both. And those guests are not willing to compromise on either safety or comfort.

Inn on Fifth is ready to accommodate them without compromise. Whether they’re in the hotel’s 1,875-square-foot ballroom, its executive boardroom, its sprawling rooftop courtyard, or on a terrace overlooking 5th Avenue, guests at Inn on Fifth can enjoy their getaway — and they can always take their productivity poolside, just the way they like it.

The Business of TOURISM

By Maria Triscari

Celebrating 50 Years

International Drive’s Future Is Just as Exciting as Its Past

The International Drive Resort Area is marking its 50th anniversary this year, and there is a lot to celebrate.

The I-Drive corridor is home to more than 130 hotels, six major theme parks, 35 family-friendly 50 restaurants, 900 retail outlets and the world-renowned Orange County Convention Center.

The I-Drive resort area is an important part of what makes Orlando one of the most successful tourist destinations in the country, welcoming millions of visitors each year. The area is also home to more than 20,000 residents and 75,000 employees.

In the past 50 years, the I-Drive corridor has grown into a major economic engine. It is responsible for more than $2 billion in new and planned development, and it represents 10% of Orange County’s tax base.

One of the reasons for the area’s tremendous success is that it continues to grow, evolve and transform itself with new developments and attractions, giving visitors a reason to keep coming back again and again.

In just the last several years, major developments have transformed the I-Drive corridor into an even more exciting destination. The Mercado shopping and dining district that was a part of the original south I-Drive is now ICON Park, a $300 million new development with popular restaurants, shops and attractions. Friday’s Front Row is now Mango’s and Hollywood Plaza. Pointe Orlando has transformed with a $32 million renovation and includes new restaurants, shops and attractions. And the original Orange County Civic Center is now the Orange County Convention Center, one of the largest and most significant event venues in the country.

As I-Drive celebrates the success of the last 50 years, it’s the next 50 years that are the most exciting. The I-Drive chamber has identified four major projects and initiaves that will bring the area to a new level of excellence on the world stage in the coming decades.

Mass transportation from Orlando International Airport to I-Drive will be a game changer for the resort area. A much-needed mode of transportation that is being studied right now will provide another leg to SunRail and expand Central Florida’s mass transit system, providing local residents and visitors a source of transportation throughout Central Florida.

The chamber’s transportation and infrastructure committee has been working closely with city and county leaders as well as the CFX and SunRail boards to help facilitate this important transportation initiative. The goal of the committee is to create a station at I-Drive for mass transit to service the I-Drive corridor, its residents and the millions of visitors each year.

The enhancement project at the Orange County Convention Center is also a priority for the chamber as it looks to the future. The MARIA TRISCARI is president/CEO of the International Drive Resort Area Chamber of Commerce.

An aerial view of International Drive in 1971, above, and today, below.

convention center is a major economic engine for the corridor, hosting millions of travelers for business trade shows and other kinds of events. It is also Orange County’s largest asset. The enhancement of the convention center that was put on hold because of the pandemic includes the completion of the NorthSouth Building as well as the addition of a multipurpose venue.

The addition of these projects will help the convention center maintain its status as a leader in a very competitive market. The return on investment is substantial, providing the community in 2019 a $3 billion economic impact with more than 29,300 individuals employed by the activity generated at the convention center and more than 1,200 businesses positively impacted by the activity generated at the trade shows.

EPIC Universe, Universal’s newest theme park, is currently being constructed in the I-Drive corridor. It is set to open in the summer of 2025, bringing theme parks to a whole new level with state-of-the-art interactions and experiences and giving visitors another reason to come back and enjoy all that I-Drive has to offer. EPIC Universe will also provide 14,000 new jobs in the Orlando market.

Additionally, Universal’s Housing for Tomorrow project will provide 1,000 state-of- the-art apartment homes, bringing affordable housing to a whole new level.

In fact, the I-Drive resort area has become a mecca for Central Florida residents. Known as “Orlando’s Entertainment District,” it is attracting locals who are enjoying staycations and getaways with a number of resorts and family-friendly attractions. And I-Drive is a foodie magnet, offering restaurants for every taste and cuisine. Shopping is also abundant in this exciting corridor, with 900 outlets offering every label and level of shopping, from domestic to international trade.

The I-Drive corridor has become a world-class resort destination, and it has a lot to celebrate.

As Central Florida continues to move beyond COVID-19, one thing is for sure: The tourism industry is resilient. We have been through many challenges in the past, including 9/11, the Great Recession and now a pandemic. And every time, the tourism industry comes back stronger than ever.

All the new and exciting developments along the corridor have given the I-Drive community reason to celebrate as a world-class destination.

So, here’s to celebrating I-Drive’s 50 years of excellence and the next 50 years of spectacular. We are making memories of a lifetime.

The Business of TOURISM

By Jason James

Water Skiing in Winter Haven 100 Years Later, the Impact of Water-Skiing Continues

It grew from one man’s dream on a Minnesota lake to a Hollywood darling, from a pastime to a sport, and changed the economic landscape of a state half a nation away. Entwined like roses, the story of water-skiing must include not only Florida’s first theme park, but the lasting impact the sport continues to have on the Sunshine State and the nation, even 100 years after its birth.

The sport of water-skiing started when a young thrill-seeker, Ralph Samuelson, decided he wanted to skitter across Lake Pepin on skis instead of the then-standard board. After days of trial and error, all young Samuelson had gained was a crowd from Lake City who watched his efforts while safe and dry on shore.

But not so far away that he couldn’t hear them.

The mocking stopped on July 2, 1922, when Samuelson glided across the lake, upright on his skis. When he got to shore, the crowd gathered around him, begging him to teach them how to do it. And thus, after nearly a week of trial and error, a new pastime was born.

It was almost 25 years later when Dick Pope Sr. returned home after serving the nation during World War II and learned that his wife, Julie, had added a water-ski show to their lakeside botanical theme park, Cypress Gardens.

Pope not only embraced the idea but doubled down on it. Using cutting-edge technology, Pope created newsreels featuring the daredevils of Cypress Gardens. In no time, Winter Haven was “the water sports center of the United States” with Lake Eloise becoming the equivalent of the sport’s Lambeau Field or Fenway Park.

Developed into a competitive sport just a few years earlier, and boosted through Pope’s marketing, water-skiing brought international attention to both the sport and the theme park. This attention, in turn, fueled greater levels of competition and improved the skill of the competitors. The stunts got bigger, the speeds faster and the distances longer. Innovations included human pyramids, clowns, titanic ski jumps and crafty inventions, such as Willa Cook’s swivel ski.

All the activity soon caught the eye of Hollywood and was captured in the 1953 Esther Williams movie Easy to Love, filmed at Cypress Gardens and featuring the sport’s stunts and performers. As the years passed, television often used Cypress Gardens as a backdrop – and world-famous celebrities took to the water during the massive water-ski spectacles.

In short, when partnered with the Popes’ ceaseless and inventive marketing campaigns, water-skiing and Florida tourism came of age together. Intertwined, they transformed the image of the Sunshine State from the marshes, swamps, and cowboys of yesterday to the playground for sun and fun of today.

The relationship continues. In Florida, as we approach the sport’s July 2 centennial MARK JACKSON Mark Jackson is the director of Polk County Tourism and Sports Marketing. A former professional water-skier at Cypress Gardens, he continues to contribute to the sport as a color commentator on numerous broadcasts.

celebration, water-skiers still perform on Lake Eloise, where Cypress Gardens was replaced by LEGOLAND Florida 10 years ago. While the original theme park might be gone, tourism is the number one industry in the Sunshine State, cementing Pope’s legacy.

As for water-skiing, today it constitutes a healthy portion of an estimated $42 billion industry, according to the National Marine Manufacturers Association. We like to think we get more than our fair share of that business here in Central Florida’s Polk County, where we’re blessed with more than 500 lakes ringed with restaurants featuring dockside dining as well as water-ski schools staffed by those same Cypress Gardens water-skiers of lore.

Polk County will highlight the unique marriage of Pope’s legacy and the sport during the upcoming yearlong centennial celebration of the creation of water-skiing. At least 10 different sanctioned water-ski events featuring every discipline known in the sport will take place in Polk County this year, including the July 2 Water Ski Extravaganza by the Cypress Gardens Water Ski Team on Lake Silver in Winter Haven.

The events culminate in the Oct. 22-23 International Waterski and Wakeboard Federation’s World Water Ski Show Tournament, also on Lake Silver. Held every two years, the event features the best show ski teams in the world, who gather to perform onehour spectaculars that combine entertainment with world-class athletics. The USA Water Ski Show Team has won the team title at each annual event. Other teams expected to participate include Belgium, Canada, Germany, Australia, China, and Mexico.

Bringing the event to Polk County was a joint effort between the Cypress Gardens Water Ski Team and Polk County Tourism and Sports Marketing. It was only right that they would bring the biennial world championships to the Water Ski Capital of the World. Assistance from USA Water Ski and Wake Sports, the national governing body of organized water-skiing and wakeboarding in the United States, was also instrumental.

New disciplines and techniques continue to evolve from the old. Thanks to advances in technology, the sport is far more accessible today than ever. Cable parks – think of ski gondolas without the gondolas – have opened the doors to the boatless. Other advances have made the sport a favorite among people with disabilities, including blind surfer, wakeboarder, water-skiier and Ironman competitor Scott Leason.

And who knows — perhaps someone in the crowd, watching an athlete glide across Lake Silver, will start to dream. What are dreams if not the inspiration for innovation? Central Florida’s Polk County welcomes the world to join us in celebrating the 100th anniversary of the sport that defines the Sunshine State: water-skiing.

The Business of SPORTS

By Jason Siegel

Bowl Games Bowl Games Put Orlando at Epicenter of College Football

College football is not just about the eye on the prize and national championship confetti dropping down from the skies. It’s about ordinary heroes playing a sport they love.

“In a sport that has probably 8,000 to 9,000 student-athletes playing, 100 of which maybe will go on to do this for a living, we often forget about the fact that fans love their schools,” said Steve Hogan, CEO of Florida Citrus Sports, a nonprofit based at Camping World Stadium. “They love the name on the front of the jersey and on the back of the jersey. And they root for them. They root for that next generation of kids who are now getting their first playing time and are probably going to be starters next season. They want to see their heroes play one last game.”

Orlando proudly stands in the epicenter of that experience. The region hosted an unusual five college football games during this past bowl season: The Florida Blue Florida Classic (played Nov. 20, 2021), the Cure Bowl (Dec. 17, 2021), the Cheez-It Bowl (Dec. 29, 2021) the VRBO Citrus Bowl (Jan. 1) and the Hula Bowl (Jan. 15).

All five games have their unique shape and character, but together they are one, delivering a strong message with a common denominator:

Orlando is the place to be if you want to go “bowling.”

For sure, the national championship game held in Indianapolis and the two playoff games in Miami and Arlington, Texas, got a lot of attention. But for the complete bowl experience, nothing beats Orlando when it comes to entertainment, heads-in-hotel-beds economic impact, media exposure, game-day atmosphere and other assorted pluses.

Hogan had the honor of having three of those games under his watch at Camping World Stadium: the Florida Blue Florida Classic, the Cheez-It Bowl and the VRBO Citrus Bowl.

“There are some other cities now that host two bowl games, but not three, literally in the same place,” he said. “So it's a blessing. It's exciting for our community. It's a seal of approval from the college football world, and fans in general, that Orlando is that kind of market. It's a market built for neutral-side events.”

It was also a welcome relief that everyone was back in business without the ominous threat of the pandemic. With COVID-19 still in play but much more manageable, the bowl season of 2021-22 was much different than that of 2020-21.

“Last year, we managed our games at the height of positivity rates in Central Florida, and it was brutal,” Hogan said. “You feel horrible thinking about sports and entertainment as a business in the pandemic, because so many people from around the world have lost their lives and families have been affected.

“But the reality of our business over the last two years in sports and entertainment was that large gatherings were under threat in a big, big way. We were JASON SIEGEL is the president and CEO of the Greater Orlando Sports Commission. Longtime Orlando sportswriter George Diaz contributed to this article.

Camping World Stadium

The Cure Bowl

blessed enough to play our bowl games last season — very safely, I might add. Four teams came into town and put on a good show for many people around the country on TV and for limited fans in the stands.”

Fast-forward to 2021-22.

With COVID-19 protocols in place, the bowl market was ripe with philanthropic and charitable causes. The Cure Bowl — now in its seventh season — had raised a collective $3.88 million before 2021 to help fund cancer research. More than $1 million has gone to Dr. Annette Khaled, professor at the University of Central Florida College of Medicine’s Burnett School of Biomedical Sciences and head of the medical school’s cancer research division.

“We put a face to our research,” said Alan Gooch, executive director of the Cure Bowl, which was held at Exploria Stadium, home of the Orlando City Soccer Club. “Our goal is to use the great game of college football to make everyone aware of the current state of cancer research, and it’s gone very well.”

It’s a positive vibe, despite the sobering backdrop etched in the word “cancer.”

For the December 2021 Cure Bowl, for instance, Gooch and his staff launched a “Go Pink on Game Day” event and encouraged fans to meet downtown at the train depot on Church Street. There, they were joined by the two marching bands of the competing schools for a fan fest. The “March2Cure” event concluded with a march to Exploria Stadium shortly before kickoff.

The Hula Bowl came to Orlando in January because of a twist of timing and a desirable location. The game, which features all-star players from across the nation, was moved from its traditional location in Honolulu, Hawaii, because Aloha Stadium was undergoing renovations. Organizers instead took it to the stadium at UCF, nicknamed the “Bounce House,” home of the Golden Knights football team.

“They reached out to us via the governor’s office,” said David Hanson, UCF’s senior executive associate athletics director and chief operating officer. “They pride themselves on the experience of athletes. Orlando can deliver an exceptional experience, and UCF has all the components to host an event like this, including training facilities and the ability to accommodate leisure events.

“We have everything that they need to have a first-class event,” he said, “and hopefully a better one than they had in Hawaii.”

The rental payment to UCF for the event was designated toward the athletic department’s 2021-22 budget. The UCF Athletic Association also received revenue from food and beverage sales, parking fees and sponsorship deals.

It’s obvious to see why Orlando is the epicenter of the bowl experience — one that is now into its 75th season as Florida Citrus Sports commemorates its benchmark anniversary. “Our college football infusion in Central Florida is a $100 million-plus economic engine, year in and year out,” Hogan said.

The benefits are not just from the people attending in person, but also those visiting virtually. “A lot of times, we underestimate the sheer power of the viewership and the exposure delivered by these events to the country and, in some cases, the world.

“New Year's Day a couple years ago, we had as many as 15 million viewers,” Hogan said. “Think of the value of that, the investment the community receives. People turn on TVs from around the country, many in maybe not-so-warm climates, and they see folks in shorts and golf shirts and say, ‘Hey, Orlando looks like a pretty great place to visit.’‘’

Stockworth Headquarters

4705 S. Apopka Vineland Road, Ste 210 Orlando, FL 32819

Technology and market disruption will never replace old fashioned hard work.

There is a real estate firm right here in Orlando that is breaking the mold of how today’s “traditional” real estate brokerage is operated, and their secret is much less of a secret than you may think. It is a tried and proven approach to business…skill, consistency, and discipline. And their method of execution is getting the attention of big dollars within the world of real estate firms.

Stockworth, now independently owned, was founded by global private equity firm Tavistock Group. Its practitioners today are keeping of its founding group’s pedigree, an extreme diligence and unwavering commitment to excellence and service. These traits are embodied through a unique operating philosophy within the firm, to give its practitioners not only a voice within the company, but a hand in its direction.

The Stockworth Leadership Council is an internal program unique to the organization, constituted by its President & Broker, Jason Schmidt, along with senior partners within the firm, Julie Bettosini, Rob Rahter, Erin Wanner, and Irhelma Pieterse, who collectively possess almost 100 years of real estate experience and billions of dollars in sales and equity placement. Their aim? To lead the organization into a new era of the industry.

The practitioners on Stockworth’s Council are individually amongst not only the top performing real estate practitioners in the region, but the Country. Whether representing celebrities, professional athletes, fortune-level executives, or major real estate development groups, Stockworth’s Council members have participated in some of the most complex and exciting real estate projects in the region.

Bettosini, who is the leading representative of the Ritz-Carlton Residences, a 37-unit luxury project on-site at the Ritz-Carlton Orlando, Grande Lakes is a prominent practitioner within the luxury real estate sector. Her background in luxury community structure and sales makes her preeminently qualified to counsel owners, buyers, and developers within this segment of the market.

Rahter, who also shares a specialty in luxury communities, has developed a track record for closing complex transactions, the most recent and notable example is his representation of the buyer for Shaquille O’Neal’s former Isleworth estate. Rahter’s broad experience lends itself well to those looking for creative solutions to unconventional scenarios.

Wanner, who is a member of the Ritz-Carlton Residences team, has developed a niche expertise in logistics. Her representation of professional athletes and C-Suite executives requires navigation of complex systems, mechanisms, and people. Her diligence and attention to detail make her uniquely suited to maneuver this area of the market.

Pieterse, having relocated across the globe herself, has developed a specialty for corporate relocation and international service. Her multi-disciplinary approach to real estate allows her a flexibility in and around the complicated and challenging needs of those moving to the greater Central Florida area.

Together, the broad experience and backgrounds held by Stockworth’s Council place it in a unique position to navigate the complex, fast-moving, and ever-changing landscape of real estate. Their future, led by core principles and work ethic, will surely be exciting.

Stockworth Media Contact Michele Ronsisvalle Michele@Stockworth.com

BREAKING THROUGH THE NOISE

Will the Central Florida real estate market cool down or stay red hot in 2022?

By Jason Schmidt

President & Broker, Stockworth Realty

The beginning of 2022 has been filled with noise surrounding the Federal Reserve’s tapering policy and the coming increase in its target funds rate. The subsequent increase in mortgage interest rates has had many wondering whether this would quickly cool our fiery housing market here in Central Florida. As of the end of January, there are no such signs of cooling in Orange County. Total transactions were relatively flat from January 2021, an indication that we are returning to normal seasonal activity following pandemic-shifted sales cycles. Transaction volume saw a 10% climb, and median value rose by 16%.

January 2021 - January 2022

10%

TRANSACTION VOLUME

16%

MEDIAN HOME VALUE

RATES

Kicking off 2022, 30-year fixed rate mortgages moved from 3.1% to 3.8% as the Fed slowed its mortgage-backed securities purchases. Assuming a high loan-to-value conventional mortgage of, 95%, and using January’s median home value of, $355,000, the principal and interest payment moved slightly more than $100 per month. This rate movement alone does not present an affordability challenge, and it is likely not until actual affordability is affected that we will see rates driving demand trends. Both time and the market will determine rate movement and to what degree rates will affect real estate activity.

INVENTORY

For several years we have seen a persistent decline in overall housing inventory within Central Florida. Post pandemic, suburban relocation and rate-fueled purchasing have begun to cool. This slowing of externally and artificially driven purchasing may provide a breath for inventory to begin a rebound. The question now surrounds regional population growth and if its growth is sustainable within the housing market. the region. If we are to assume pandemic suburban sprawl and exclusively rate-driven purchasing has calmed, inventory should slowly climb. The spring buying season will be the real tell in this area. With less than a single month of existing home inventory in Orange County, we may find ourselves in a tough position should we see the anticipated surge in buying without a matched growth of existing home inventory.

Total Q1 activity will provide us with insight into stability and the anticipated trajectory of Q2 and Q3. Saving for significant financial, political, or global market disruption, which, in those events, all bets are off, the residential real estate market within Central Florida will likely perform similarly to 2021.

AFFORDABILITY

Residential values are at historic peaks. Does this mean, however, real estate is not “affordable?”

Within the greater arc of time, the spread on the rate of change between a median value 30-year fixed rate mortgage payment (PMT) and the Federal Reserve’s Consumer Price Index (CPI) has been narrowing since the 1970’s. This measure is used to assess

affordability of housing against other goods. CPI excludes housing in its calculation process, making it a reasonable comparable against housing in the context of general pricing movement.

Considering cost of capital and absolute affordability, housing is not “unaffordable.” In recent decades, it was only in 2021 as an outlier growth year that we saw any meaningful upward shift in the greater affordability equation and a widening of the PMT/ CPI spread.

The obvious objection here is that housing is very expensive. The drivers of greater affordability are lengthy and complex. In this instance, pricing pressure is not affordability pressure in a broad historical context. The affordability issues we see today are largely external to real estate.

Real household income has been on the decline relative to housing cost since the 1970’s. Shifting industry demands and rising costs of healthcare, transportation, student debt, and food has created an imbalance in our ability to manage areas of household spending. Housing is an expensive line item, yes, but its relative affordability compared to other essential Projecting demand over the long-term is a challenge. It is highly likely that remote working will be with us forever and the need for corporate relocation and job movement will measurably decline within certain industries. We are also seeing a downward trending of U.S. population growth and marriage rates, two principal drivers for housing demand. The trajectory of these demographic issues will be the future impetus to mass new construction or controlling existing home inventory.

Locally, if we assume Florida remains an attractive business, living, and tourism destination, our market demand is likely to persist for many years to come. It will be through strict observation of cost relative to affordability and inventory that we will be able to understand in what direction we are headed.

spending items has not risen as substantially. The complex unwinding of real household income growth is most significant as an underpinning of housing being considered largely unaffordable. Longer-term observation of movement within these expense items will be tremendously important.

DEMAND

PMT / CPI SPREAD - PMT / REAL MED. HH INCOME SPREAD