The Condo Hotel is a relatively new trend that has re-emerged in the past couple of years.They are very popular in vacation getaway sites--often featuring tropical settings and man-made beachfront. By combining the consumer's desire to invest in Real Estate with the travel industry's appetite for exciting and exotic locales it is a win-win situation. By focusing on the luxury lifestyle, condo hotels saw their rebirth in boom cities such as Miami, Orlando and Las Vegas. Many new developments can now be found around the globe and often have five star names attached such as Trump, Hilton, Four Seasons, The Regent, and Ritz Carlton as operators. These locales are defined by luxury amenities which include spas, resort pools, fine dining, concierge and access to leisure sports such as golf and tennis. Basically condo hotels are a hybrid combining the best of two worlds. Buyers own a specific unit and pay attendant taxes, insurance and maintenance. Owners block out a period of time for personal use. When not in use, it is placed in the rental program run by the management company which handles renting, cleaning and maintenance. Revenue generated is shared and oftentimes used to offset the cost of ownership.Currently there is not a single organization that oversees condo hotels. An organization called NACHO (National Association of Condo Hotel Owners) is committed to the long term satisfaction of condo hotel unit owners to enhance and improve the condo hotel business through standardized code of business ethics, including objective disclosures, and practice. The organization has compiled research and created a rating system for condo hotels similar to the hotel diamonds or stars.
Similarly, BridgePoint reviews the different condo hotel project document contents to ensure beneficial terms for the end user. The selected management company to operate the resort is a critical determination factor in considering the project.
To learn more about NACHO visit:
The difference a water theme park can make:
http://www.jeffcoy.com/documents/articles/Construction%20Report202006.pdf
Condo Hotel Market in Orlando
http://www.hotel-online.com/News/PR2006_2nd/Apr06_OrlandoCondos.html
What is a condo hotel?
http://www.hvsinternational.com/Content/1470.pdf
Vegas condo hotel market
http://ahlaradio.hsyndicate.com/news//4027656.html
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