Now condo hotels, an innovative type of vacation home ownership, provide a welcome solution to all these problems. Also known as condotels or aparthotels, condo hotels have been growing in popularity as a hassle-free approach to owning a luxurious second home in a great vacation destination like Miami, Orlando, Las Vegas, Chicago, the Caribbean and Dubai hotele górskie z aquaparkiem w Polsce.
Condo hotel buyers purchase an actual condominium unit in an upscale hotel or resort. The property functions as a full-service hotel, and owners have access to all facilities, amenities and services just like hotel guests.
Owners receive a deed to their unit and can use their vacation home when they want. When not in residence, they can place their unit into the hotel’s rental program and share in the revenue it generates. Like most real estate investments, the owner can also sell his property at any time and may make a profit on its appreciated value.
“Young professionals, baby boomers and seniors alike are just beginning to discover the benefits of owning a condo hotel unit,” said Joel Greene, President of Condo Hotel Center, a Miami-based real estate firm specializing in condo hotel sales.
“They appreciate the stress-free nature of condo hotels as a second home in which a professional management company handles everything from property maintenance to finding hotel guests to rent the units. They also consider condo hotels a means to diversify their investments.”
As hybrid properties, condo hotels differ from timeshares in a number of ways. With timeshares, buyers pay only for the right to use the property for a set amount of time each year, usually a single week. They don’t own the title to the property, and they do not receive any rent revenue for the weeks they’re not in residence.
Condo hotel owners can use their condos when they want throughout the year, within the guidelines of the individual development. They receive a percentage of any revenue their unit generates when they’re not there and the unit is rented out to hotel guests.
How do condo hotels differ from owning a traditional single family house or condominium? Consumers who purchase a traditional condominium pay property taxes, insurance and maintenance fees, but typically don’t have access to hotel-type amenities.
The properties often feature four-star amenities, ranging from full-service spas and fitness centers to fully-equipped business centers and fine-dining restaurants. They also come with exceptional hotel services like concierge, valet and room service.