10 Reasons Why Condo Hotels Are the Ideal Second Home
By Joel Greene
Condo hotels are taking many resort locations by storm! Operated by renowned hoteliers such as Hilton, Hyatt and Trump International, condo hotels are being built in premier vacation destinations such as Las Vegas, Orlando, the Caribbean, and Dubai.
They often include five-star amenities, making them the ultimate vacation getaway. As real estate, they offer appreciation potential. Combine all these qualities with the ability to generate rental income, and you ve got yourself one good deal.
Is a condo hotel right for you? Consider these 10 factors to decide:
1. Escape to your second home any time. With timeshares or partial ownership, you can use your condo one, maybe two, weeks of the year. Condo hotels, on the other hand, allow you to use your vacation home any time, given the proper notice.
2. Visit your favorite vacation destination over and over again. Condo hotels tend to be built in fantastic locations. They may be overlooking the ocean in Miami Beach, near theme parks in Orlando, on a golf course in California, slope-side in Telluride, or right on the exciting Las Vegas Strip.
3. Live in the lap of luxury. Enjoy premier living right in your own second home! Your condo hotel unit will be delivered designer furnished. But it s the resort s amenities that really make it special: the brand-name spa, resort-style pool, gourmet restaurants and state-of-the-art fitness center, all right on-site. Plus, don t forget the hospitality extras, from daily housekeeping and room service to 24-hour concierge assistance.
4. Relax with hassle-free ownership. Don t have the time or desire to handle the upkeep of your property? Condo hotels offer a built-in property management team that takes care of everything, from maintenance and housekeeping to operation of all the amenities.
5. Have pride of ownership. With a condo hotel you can possess your very own Trump, Hyatt, Hilton or Ritz-Carlton. How cool is that!
6. Receive rent revenue. When you re not using your condo hotel unit, simply place it in the hotel s rental program. The hotel management team takes care of finding the guests, and you ll get a share (usually around 50%) of any revenue your unit generates. This income can help offset your costs of ownership.
7. Resell your condo unit at any time. With timeshares reselling is difficult to do since you only own a particular week of the year. With a condo hotel unit, you have deeded whole ownership and can resell your property just as you would any other type of real estate.
8. Get in early on the condo hotel craze. Condo hotels are a fairly new type of real estate. As the market increases in popularity, demand for these units will grow.
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9. Gain appreciation potential. Condo hotels, like most quality real estate in highly desirable destinations, are likely to appreciate. Maximize the appreciation potential by buying your condo hotel unit in the pre-construction phase, when prices are at introductory levels.
10. Diversify your investment portfolio. If you re looking for an alternative to the stock market, condo hotels offer a means to invest in real estate without assuming the responsibilities of becoming a landlord.
Joel Greene is the President of Condo Hotel Center in Miami, Florida. Visit his information-packed website at CondoHotelCenter.com for listings, prices and photos of condo hotels. At his website be sure to sign up for his free Property Alert newsletter to be kept abreast of new condo hotel properties coming on the market.
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