Have you ever wondered what hotel-condos are? Here is a great article to help you understand the difference between a condo and a unit at a hotel-condo.
What are hotel-condos?
In the world of real estate, the term “hotel-condos” is new but essential for those desiring to buy a condo at a resort destination. Many people enjoy the concept of having a luxury condo in the world’s top destinations enjoying a low upkeep second home or retirement option. The advent hotel-condos adds yet another option to your real estate opportunities
For starters, let’s define what a hotel-condo is and why it is different from the traditional condo. A hotel-condo, sometimes called a condotel is an apartment or villa that is maintained and ran by a hotel or resort. Each condo unit is a separately-owned property that belongs to the same brand company (like Ritz-Carlton, Westin, or some other condo hotel chain).
Because the condotel belongs to a hotel chain brand, they are marketed and treated very differently than the traditional condo. For example, the hotel will be your management company. So, the hotel is responsible for scheduling your stays or helping you to administer rentals etc. Also, you get the privilege of having resort services for your condo: room service, spa and gym access, and cordial customer service available for help—something you can’t get with the regular condo high-rise.
Other Advantages of hotel-condos over regular condos
Hotel-condos have become popular over these past few years for many reasons. For starters, many people see hotel-condos as a less stressful way to own your own personal second home. Decorating, renting out, and upkeeping your property is often taken care of by the hotel company that manages the hotel chain. So, you are free from having to invest in a lot of expenses that are involved in owning a home.
Although the design of your hotel-condo may resemble your neighbors, at least you don’t have to be concerned about keeping your place cleaned as many hotel-condos provide you will access to cleaning services and full maintenance for a price. You also have the added benefit of the hotel making sure you get a stream of income from renting your place when you are not scheduled to be there, if you opt for the rental program usually offered. Let’s face it, renting a condo at a hotel is going to be far more attractive to renters than a standard condo with few services like restaurants etc.
Hopefully, this insightful information on the differences between a traditional condo and a condo hotel will help you make a wiser decision about which type of condo you need.