Live The Dream In A Condo Hotel
As you might have read in the news, the biggest trend in the current real estate market is the vast number of Condo Hotels being built. However, prior to Donald Trump announcing several new Condo Hotel developments in the next few years, many people had never heard of the term Condo Hotel. While its name seems to imply what it consists of (half condo, half hotel), there are several less obvious rewards to Condo Hotels. Unlike traditional condominiums, Condo Hotels offer their owners and guests several key advantages.
Advantages for Owners:
Not only are Condo Hotels being developed around the world, but they are being built in the most desirable places imaginable. Such as Hawaii, Florida, Las Vegas, New York City, Belize, and Dubai, just to name a few. Unlike timeshares and fractional ownerships, buyers of Condo Hotels are buying the real estate, and not just a piece of time. Who wouldn't want to own a piece of property on the beaches of Hawaii or Belize, or on the 'strip' in Vegas? Who knows what that property will be worth in 5 to 10 years...the sky is the limit. Furthermore, the units being developed have the benefits of home along with the pure luxury of a resort, including fully equipped kitchens, laundry rooms, dining and entertaining areas, and often times a balcony with a spectacular view. Since developers are now offering this opportunity through Condo Hotel ownership in such highly desirable locations, owners can expect to see a great amount of appreciation on their investment along with better occupancy statistics to increase cash flow. So while these properties appreciate over time, owners have the option of placing the units into the hotel rental program, allowing the owners to earn monthly income on their investment. This cash flow can help owners offset mortgage payments and fees. And the best part is, this can all be done from anywhere in the world since the hotels' management can handle the reservations, cleaning, and maintenance of the unit.
Advantages for Guests:
You might think of a guest in a Condo Hotel as someone other than the owner of a unit, however, that is not necessarily the case. Many of the Condo Hotels allow owners to setup their permanent residences in their unit, therefore becoming permanent guests. Furthermore, owners can choose not to enroll there unit in the rental program and visit as quests whenever the like. Or, owners enrolled in the rental program can always reserve their unit in advance. Regardless of who is in the room, owners or renters, they are all guests of the hotel. And one of the best advantages of being a guest in a Condo Hotel is that you are pampered as a guest. The Condo Hotels being developed offer everything from world class health clubs, pools and spas, daily maid service, full service business centers, lush landscaping and gardens, nightclubs and gourmet restaurants, golf, shopping, 24 hour room service, along with private entrances and valet parking, concierge and doorman. The Cosmopolitan in Las Vegas is building a five acre Cosmo Beach Club with a real sand beach surrounding the pool on the 4th floor overlooking Las Vegas Boulevard! So go ahead, live the dream, own or rent a Condo Hotel!