Ten Benefits Of Owning A Condo Hotel

Ten Benefits of​ Owning a​ Condo Hotel
you​ may have heard about the latest trend in​ vacation​ homes condo hotels. Suddenly, consumers have the ability to​ own a​ second home in​ a​ wonderful destination​ without any of​ the hassles of​ ownership. to​ see why the condo hotel concept has so much appeal, consider these benefits
1. you​ can own a​ piece of​ a​ worldclass property. Most condo hotels are of​ three to​ fivestar quality.
2. You’ll have a​ vacation​ home in​ a​ fantastic destination. Most condo hotels are located in​ premium locales on​ the beach, near golf courses, next to​ ski slopes and​ in​ bustling downtowns. Miami Beach, Fort Lauderdale, Orlando, Myrtle Beach, Las Vegas, Chicago and​ the Bahamas are some of​ the most popular condo hotel locations.
3. Use your​ vacation​ home when you​ want. Flexibility in​ use means you​ always have a​ place to​ get away from it​ all. When you’re not using your​ vacation​ home, place it​ in​ the rental program.
4. a​ professional management company will take care of​ all maintenance and​ operational issues. Most condo hotels are managed by premier hospitality firms, often the biggest names in​ the business, RitzCarlton, Trump International, Hilton, Starwood and​ Hyatt, to​ name a​ few.
5. you​ receive approximately half of​ the rent revenue your​ condo hotel unit generates when you’re not using it. The management company takes care of​ renting your​ condo for​ you. The revenue helps offset your​ costs of​ ownership. Plus, most management companies have sophisticated reservation​ systems and​ invest in​ professional marketing, enabling them to​ keep your​ unit rented far more than you​ likely could on​ your​ own.
6. The management company deals with the guests. Part of​ the hasslefree nature of​ condo hotel ownership is​ that the management company handles everything regarding guests, from attracting them to​ checking them in​ and​ out of​ the hotel and​ solving any problems that arise during their stay.
7. You’ll have access to​ luxury hotel services. Unlike a​ singlefamily home, in​ a​ condo hotel vacation​ home, you​ can take advantage of​ all the perks of​ the hotel such as​ a​ brandname spa like Canyon​ Ranch or​ Elizabeth Arden Red Door, concierge, room service, fitness facilities, pool, fine dining restaurant and​ more.
8. Share your​ condo hotel unit with family and​ friends. The unit is​ yours, so you​ decide how it’s used. Want to​ lend it​ to​ your​ Aunt Betty and​ Uncle Lou? No problem.
9. Purchase your​ condo hotel unit with traditional financing or​ even as​ part of​ a​ 1031 exchange. a​ variety of​ loans are available to​ invest in​ condo hotels. Condo hotels also qualify for​ taxdeferring strategies like 1031 exchanges.
10. Realize appreciation​ when you​ resell your​ condo hotel. Like traditional real estate, over time your​ condo hotel unit has potential to​ appreciate. Because of​ its quality location, professional hotel management and​ onsite luxury amenities, the value of​ your​ vacation​ home should increase. you​ keep the profits when you​ sell.

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