The madness of the Condo Hotel
Much of the condo market in the United States began in Florida. The residences there order between 600,000 and 800,000 for a study. 1-bedroom apartments start at around $ 750,000 – $ 1,000,000. 2 bedrooms start in the 1,000,000 price range.
These permanent residences feature all the furnishings and amenities of a luxury hotel, such as world-class restaurants, 24-hour concierge, security, valet, housekeeping, and room service.
Joel Greene of the Condo Hotel Center says that a rental option provided by the condo hotel management company allows owners to receive a portion, often around 50 percent, of the rental income for their specific unit when they are outside.
Taylor says developers prefer waterfront, hillside and downtown areas with a strong demand for luxury accommodations. Myrtle Beach, South Carolina; South Florida; and Las Vegas have fast-growing condo-hotel markets that favor high-end travelers and boomers looking for a pied-à-terre with plenty of amenities. Chicago, Washington DC and Phoenix are beginning to enter the condo market, the most notable being the Trump Building in Chicago, studios start at $ 800,000.
“Boomers are looking for a vacation lifestyle with spacious spaces, dining activities and entertainment,” says Taylor. “They demand additional services and luxury amenities.”
This is how the condominium hotel concept works. Buy a condo / hotel in a world-class hotel. Use the residence whenever you want. When you are away, put the residence in the hotel’s rental program and share the proceeds with the hotel. The hotel management company takes care of all aspects of management, such as cleaning, rental and maintenance.
These residences offer the best of both worlds, a hassle-free residence in a world-class luxury hotel with the rental income you receive to help offset the costs of owning a second or third home. As well as the potential for appreciation.