MIAMI, FL -- (MARKET WIRE) -- July 13, 2006 -- 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 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 luxury hotels," 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 the hotel like a pool, restaurant and spa. They also get 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 they're not there, an on-site hotel management company takes care of all operational issues, including finding hotel guests to rent the condos. Owners receive a share of the proceeds, usually about 50%.
"I hesitated to buy a second home in the past because I knew we'd only use it a few weeks each year," explained Mindy Sullivan, who recently purchased a condo hotel unit in Palazzo del Lago in Orlando. "A condo hotel is ideal because when we're not there, the condo will be rented out. The income it produces will help cover its costs."
Prices for condo hotel units range from $200,000 to upwards of $2,000,000. They usually include all furnishings and fully equipped kitchens.
Condo hotels are popping up in destinations like Miami, Orlando, Las Vegas, Myrtle Beach and the Caribbean. Most are operated by highly reputable hotel franchises like Hyatt, Hilton, Trump, Starwood and Ritz-Carlton that know how to cater to buyers with discerning tastes and demanding requirements.
"When I go on vacation, I want to relax and be pampered," explained Cherise Fuller who recently decided to purchase a unit at the W Las Vegas condo hotel. "A condo hotel is perfect. The kids can head to the pool. I'll go to the spa and fitness center. And my husband can hang out in the casino. There's something for everyone."
While having a home-away-from-home is the primary reason for purchasing condo hotels, some buyers say they like them for appreciation potential. When they sell their vacation homes, they're hoping to make a significant profit.
John Williams, who owns a condo hotel unit in Trump Fort Lauderdale, said, "A condo hotel gives you all the perks of ownership -- a beautiful place to vacation, rent revenue, and appreciation -- without any of the problems."
To learn more about condo hotels and see property listings, go to Condo Hotel Center, http://www.condohotelcenter.com/, or contact Condo Hotel Center at info@CondoHotelCenter,
305-944-3090
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Another source for preconstruction investing can be found in the PreconstructionCondos.com directory. Our new website is growing slowly but surely to eventually have listings in the entire US for condos and resorts. For those interested in Myrtle Beach condo rentals, check out MyrtleBeachRestaurants.net.Labels: condo-hotels, florida condos, myrtle beach condos |
