Theme parks close due to pandemic while major construction work carries on.
March was a busy month in Orlando’s real estate sector, despite growing concerns around the widespread COVID-19 pandemic. While construction work continued at many of the city’s major projects, the Theme Park Capital of the World’s namesakes largely closed for business. The market’s retail assets also face challenges with rent issues on the horizon, though some relief is on the way (with the historic $ 2 trillion stimulus package).
Walt Disney Co. closed the doors of Walt Disney World Resort, and other theme parks in the metro—including SeaWorld, Adventure Island, Discovery Cove and Universal Orlando Resort—followed suit, according to clickorlando.com. As tourism slows to a halt, with some hospitality assets—including the Hyatt Regency at the Orange County Convention Center—also halting operations. Reopening dates have yet to be determined.
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