It’s not your typical cottage
What could be more perfect for owning a luxury holiday home in a theme resort and receiving rental income whenever you don’t use it? Condo hotels are the newest trend in holiday home ownership. Live in it when you are there. rent it when you are not.
So how do hotel units differ from owning a traditional holiday apartment or condominium? These are not your typical sub-homes. They are beautifully furnished condominium suites in some of the most famous hotels and resorts across the country. Properties are usually large, tall, luxurious hotels that operate under a big name such as the Four Seasons, the Ritz Carlton, the Sonesta, the Starwood or the Hilton. Rates range from $ 200,000 to over $ 1 million for first properties.
Generate revenue to cover mortgage costs
How Can Hotel Owners Find Tenants? This makes the program so attractive. When owners do not use their unit, they are put on the hotel rental plan.
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Utilizing name recognition, advertising, national relations, centralized reservation system and management experience, unit owners usually receive a higher level of income than a traditional holiday home.
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In addition, the hotel takes care of the tenants, as well as the entire household and maintenance of the condo hotel units. Talk about the hassle!
The real appeal of Condo hotels is appreciation
While it is nice to get rental income on your holiday home, the most important factor in terms of investment is its valuation. Condo hotels are much faster than single-family homes and accommodation in the same areas.
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Most condo hotels are purchased directly by the developer. With limited stock, hotel condo units are moving at lightning speed.
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In fact, almost all condo hotels sell in pre-construction, long before even a single dirt shovel is overthrown. And as is the case in all cases where supply is largely out of demand, condo hotel owners have seen tremendous value in their units.
World famous resorts are attracting international attention
Most condo hotels are in seasonal resorts. South Florida, especially Miami Beach and Ft. Lauderdale is one of the hottest markets in the country with world-renowned properties such as Fontainbleau, Canyon Ranch Living and Trump International pioneering. Las Vegas and some of the Caribbean islands are also popular condo hotel destinations.
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Who buys? The answer, in short, is everyone. That is, investors and vacationers who recognize the potential of valuing a family holiday home. This appeal is not limited to US buyers.
The concept of condo hotels has had an international appeal with buyers from Latin America and Europe competing with Americans for the best properties.