Advantages and disadvantages
There are clear advantages for buyers. The condo-hotels offer room service, maids and other luxuries of hotel living. Someone cares for the property when you're away. And the rental income, which is shared roughly 50-50 with the hotel operator (depending on the contract), can help cover your mortgage, taxes and association fees.
The disadvantages, though, are also plain: You have to reserve your own room far in advance (60 to 90 days at The Plaza, depending on the season). The restrictions on the amount of time you can use your room vary from city, state and country. The hotel management furnishes all rooms the same.
As with most hotel rooms, you get not a kitchen but a kitchenette with a mini-fridge and a microwave. And if the hotel has a high vacancy rate, you'll still have to help pay the salaries of a lot of idle porters and maids.
There are clear advantages for buyers. The condo-hotels offer room service, maids and other luxuries of hotel living. Someone cares for the property when you're away. And the rental income, which is shared roughly 50-50 with the hotel operator (depending on the contract), can help cover your mortgage, taxes and association fees.
The disadvantages, though, are also plain: You have to reserve your own room far in advance (60 to 90 days at The Plaza, depending on the season). The restrictions on the amount of time you can use your room vary from city, state and country. The hotel management furnishes all rooms the same.
As with most hotel rooms, you get not a kitchen but a kitchenette with a mini-fridge and a microwave. And if the hotel has a high vacancy rate, you'll still have to help pay the salaries of a lot of idle porters and maids.
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