Danny's Blog

What is a Condo Hotel and Why to Invest in One

Thursday, May 8, 2014

Condo Hotels or Hotel Residences are growing in popularity across the United States, cropping up in central cities such as in Miami, Orlando, Las Vegas, and the Caribbean, as well as other parts of the country like Chicago and New York. Condo Hotels are a new trend in second home ownership, offering a unique take on vacation homes. There are many benefits to a Condo Hotel. Buyers can purchase a luxury vacation home at a world-class resort and collect revenue whenever they are not using it; offsetting the costs of ownership. Investors also have purchased several units in them, turning the idea into a business.

Condo hotel owners have the option of putting their condo hotel unit into the hotel’s rental program. This is what makes condo hotels so attractive. A professional management company handles renting out the units when they are not in use by the owner. The management company also maintains the condo hotel units and the property’s common areas, operates the amenities and provides all guest services. By capitalizing on the hotel’s name recognition, advertising, national affiliations, centralized reservation system and management expertise, condo hotel unit owners typically receive a higher level of rental income than they would from ownership of a traditional vacation home. Ownership is 100% hassle-free as all maintenance and rental issues are handled by in-house management company.

These luxury establishments offer fabulously-furnished condominium suites in some of the most famous hotels and resorts in the country. Owners have access to all of the luxury amenities and services of the property, ranging from full-service spas and state-of-the-art fitness centers, to fine dining restaurants and concierge services.

Needless to say, Condo Hotels are among the most opulent residential structures of Miami Beach Luxury Real Estate. For more information on Miami Beach Listings, contact Danny Hertzberg by calling 305-505-1950.

 
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