The property owner and a potential tenant, WhyHotel, are interested in activating the new Camden Lake Eola apartment project in the near-term upon completion through an “apart-hotel” short-term rental model. Most new multi-family buildings have a lag in stocking the building with permanent residents once they are completed – it can take up to a year to attract residential tenants.
During this lease-up period, WhyHotel proposes to operate whole unit short-term rentals up to a maximum of two years after the completion of construction, occupying up to 125 units on the property (this is approximately a third of the units). The operator also provides 24 hour/7 days-a-week staff on-site to manage their short-term rental operations similar to that of a hotel. The attached recommendation memo details more information and analysis on this proposal; a description is also attached from the applicant.