Tourism is down but so is competition. 

Based on comps and tourism traffic, I really think the location would perform best as a STR/AirBnB/VRBO once a building sits on the lot.

I think markets that rely heavily on tourism would do well with something like this.

This is particularly true for tourism-dependent STRs (tourism-dependent markets tend to get hit hardest in recession, because recreational travel is often the first thing people cut from their budget in a tough economy).To make things even more complicated, Air Bnb recently changed their platform significantly to focus on A+ top-end, highly unique properties (think: luxury waterfront treehouses).

All of that heightened demand is without the European and South American tourism that has been a big portion of Orlando tourism in the past.

Location seemed conducive to short term rental due to growing tourism.

Another great vacation rental option in SoCal would be Big Bear ... lower price points and much less regulatory risk as the whole economy is driven by tourism and vacation rentals.

Right now, the property is cash positive and in a historically strong market with multiple economic drivers (tourism, agriculture, university, action sports industry, silicon valley...).

It works to combine a great tourism product with great music.

Higher education, medicine, farming, ranching, rail, mining, tourism, oil & gas, financial center, tax free shopping for Wyoming residents ;), Billings has it all.