We're talking condo hotels, which can be considered fairly new to some. Here are some of the most frequently asked questions when it comes to investing in a condo hotel unit.
1. What is the concept of a condo hotel? It's simply a privately owned condominium unit that is located within a luxury high rise building that also operates a well branded hotel.
2. What are the benefits for a condo hotel investor? Your unit can be marketed as a short term rental property with all hotel amenities such as a spa, fitness center, valet and a 24/7 concierge. Providing all the the services hotel guests expect hassle free, while generating rental revenue.
3. What makes a successful condo hotel investment unit? Great location, excellent amenities, strong hotel branding, and a superb vacation rental management company.
4. Why partner with a vacation rental manager to manage your condo hotel? A VR Manager will market your unit as a hotel, takes reservations, maintain the property, handle the renters, oversee the property finances and provide the services that hotels guests typically expect.