LAKE WALES, Fla. — A new economic impact study shows the restoration of the historic Walesbilt Hotel could bring millions of dollars in economic impact while fueling the ongoing revival of downtown Lake Wales.
As owner of Cocoa Cake Studio in downtown Lake Wales, Rachel Mayer has watched the historic Walesbilt Hotel sit empty for years.
WATCH: New study shows big economic promise for historic Walesbilt Hotel restoration
“Being born and raised here I think I was probably two-years-old, the last time I was in there. It’s been decades, and it’s just kind of sat, and we watch a little bit of progress here and there, but then it sit stagnant,” said Mayer.
City leaders say the century-old landmark is poised to become a catalyst for downtown's continued revitalization. An economic impact study projects the restored boutique hotel will attract 19,500 visitors annually.
“It’s going to bring people from all over the place, which will then bring people downtown to our streets, and they’ll come in and eat and dine and shop with us,” said Mayer.
The study estimates construction alone will create more than 270 jobs and generate $19 million in labor income. Once open, the hotel is expected to support nearly 190 jobs and bring more than $12 million in visitor spending during its first year of operation.
“Along with new jobs being created in downtown because of the restoration of the hotel, the real estate values pertaining to the properties within the historic core are expected to raise above $21 million,” said Eric Marshall, spokesperson for the City of Lake Wales.
The project is being developed through a partnership with Restoration St. Louis, which plans to transform the building into a boutique destination. To support future visitors, the city has also purchased the neighboring Peterson-Meijer building, creating space for up to 170 parking spots.
“As soon as the interim contract was signed with Restoration St. Louis, a few other investors came in and put contracts on buildings downtown. So the word is getting out that Lake Wales is going to be booming soon. So, we’re really excited about that,” Marshall said.
Mayer thinks the hotel could also help support Lake Wales' wedding industry.
“We do a lot of weddings, and I think it’s going to bring big wedding business, so that will be good for myself, and for lots of the other businesses downtown,” said Mayer.
Construction is expected to begin within the next 15 months. The restored Walesbilt Hotel is expected to open sometime between 2028 and 2029.
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