By Maria Lopez,
a sales agent with Condo Hotel
Center
http://www.CondoHotelCenter.com
If home ownership was once the tangible
evidence of success in America, today a vacation home
is the quintessential symbol of truly having arrived.
But with limited time to spend using and maintaining
a vacation home, the perfect solution has been elusive.
Along comes the condo hotel, a new twist on the traditional
vacation apartment or family beach house. These hassle-free,
amenity-rich properties could be the ultimate second
home for today??™s well-to-do.
"Condo hotels are designer-furnished condominium suites
located in some of the most famous hotels and resorts
around the country," explained Joel Greene, president
of Condo Hotel Center, a national real estate firm
that specializes in the sale of condo hotels.
"Owners have access to all the wonderful amenities
of a luxury hotel like resort-style pools, upscale
dining options, rejuvenating spas. They also get the
benefit of all the hotel services like daily housekeeping,
valet parking and a helpful on-site concierge, everything
you could want when on vacation.???
Owners of condo hotel units can use their vacation
home when they??™d like. When not in use, they don??™t
have to be concerned with boarding it up or maintaining
it. That??™s because an on-site hotel management company
takes care of all operational issues, including finding
hotel guests to rent the condos.
According to Greene, owners receive a share of the
proceeds their unit generates, usually about 50%.
He added that unit owners are more likely to receive
a higher level of rental income by participating in
the hotel??™s rental program rather than trying to rent
out the condo themselves. ???The hotel usually brings
to the table a national affiliation, international
marketing, a sophisticated reservation system, brand
recognition and management expertise.???
Many condo hotel owners say they can more easily justify
the purchase of a condo hotel unit than a traditional
vacation home. ???I always hesitated to buy a second
home in the past because I knew we could only use
it a few weeks out of the year,??? explained Mindy Sullivan,
who recently purchased a condo hotel unit in Orlando
for her family. ???A condo hotel was the perfect solution
because whenever we??™re not there, the condo is rented
out. The income it produces helps cover its costs.???
Prices for condo hotel units range from $200,000 to
upwards of $2,000,000 for five-star, ultra-luxurious
homes. They usually include all furnishings and appliances
as well as impressive design features like gourmet
kitchens, luxurious bathrooms, marble tile and hardwood
floors.
Condo hotel buyer, Dwight Torrence, said he always
wanted a vacation home for his family but didn??™t want
to contend with all the hassles he remembered seeing
his parents face with their lake house when he was
growing up.
???Even though we only used the lake house in the summer,
it was a year-round burden. Burst pipes, rotting deck,
fading paint, renters who didn??™t pay up ??“ no thank
you.??? Torrence said he didn??™t want the added chores
and stress.
???When I learned that with a condo hotel, someone else
handles all the work, I knew I??™d found a solution
that was right for me.??? Torrence just put a deposit
on a condo hotel unit at New Oasis at Sea Mist Resort,
a to-be-built condo hotel in Myrtle Beach.
Condo hotels are popping up in all sorts of appealing
destinations like Miami Beach, Orlando, Las Vegas,
Myrtle Beach and the Caribbean. "The concept started
in Miami," Greene said, "but it's definitely catching
on throughout the country. We're also seeing condo
hotels appear in Canada, Europe and the Middle East.
It is becoming a worldwide phenomenon."
In addition, buyers are coming from all over the world,
not just the U.S. W International, a London-based
company that markets condo hotels in Great Britain,
finds that U.K. buyers are enchanted with the condo
hotel concept.
According to Ann Adenius, president of W International,
they welcome the opportunity to have a vacation home
in the U.S. and have a particular affinity for Orlando,
Florida. ???Over 40 percent of the condo hotel units
sold in Orlando last year were to U.K. buyers,??? she
said. ???When you think about it, a condo hotel is perfect
for them. They want to go on holiday once or twice
a year in the U.S. but do not want to deal with renters
or maintaining their property from overseas the rest
of the time,??? she said.
Most upscale condo hotels are operated by highly reputable
hotel franchises like Hyatt, Hilton, Trump, Starwood,
Sonesta and Ritz-Carlton that know how to cater to
buyers with discerning taste and demanding requirements.
???When I go on vacation, I want to be pampered,??? explained
Cherise Fuller who recently decided to purchase a
unit at the W Las Vegas condo hotel. ???I want to relax,
not worry about housekeeping, cooking and what to
do with the kids. A condo hotel is perfect. The kids
can head to the pool. I??™ll go to the spa and fitness
center.
There??™s something for everyone.???
While having a home-away-from-home is the primary
reason for purchasing a condo hotel, some buyers say
they like the concept because of its appreciation
potential. Places like Las Vegas, Orlando, Miami and
Myrtle Beach have seen double-digit increases in real
estate values in recent years. Many condo hotel owners
in those areas are betting the surge in property appreciation
will continue. When they sell their vacation homes,
they??™re hoping to make a significant profit.
???I bought a condo hotel to diversify my portfolio,???
said John Alicia who purchased a unit at The Cube
condo hotel in Dubai, a place he said he is not planning
to spend his vacations. ???I was able to buy a five-star
condo hotel for under $300,000. I??™m looking forward
to seeing decent annual returns and an increase in
value when I??™m ready to sell, probably in a few years.???
Now Alicia, who lives in California, says he??™s looking
for another condo hotel to buy. But this one will
be in the U.S., one he??™s likely to use as a family
vacation home as well as an investment.
???I??™ve shied away from real estate in the past because
I didn??™t want to be a landlord and take on all the
responsibilities that come with it. The way I see
it, a condo hotel gives you all the perks of ownership
-- a nice place to vacation, rent revenue, and appreciation
potential -- without any of the problems.???
About the Author:
Maria Lopez is a sales agent with
Condo Hotel Center, a real estate brokerage that specializes
in condo hotels. Go to http://www.CondoHotelCenter.com
to view condo hotel property listings and subscribe
to the FREE Condo Hotel Property Alert newsletter.
Contact: info@CondoHotelCenter.com
Source: www.isnare.com
Permanent Link: http://www.isnare.com/?aid=70441&ca=Real+Estate
