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What is a Condotel?
What are the Benefits of Ownership in a Condotel
A condotel unit (also called a condo-hotel unit or hotel condominium unit) is, in its simplest form, a condominium unit located within a hotel or motel. The unit owner usually has access to all the same amenities and services as the typical hotel / motel guest and can rent the unit out for extra income when he or she is not there.
Some of the more luxurious projects are managed by four or five-star hotel companies such as Four Seasons, Hilton, Hyatt, Ritz-Carlton, Sonesta, Starwood, and Trump.
While historically condotels are found in resort areas, condotels are also becoming popular in major metropolitan areas. The condotel concept is great for second homes. When the unit is not owner occupied, it can be placed in the rental pool and generate income for the unit owner to offset some of the carrying (ownership) costs. Additionally, condotel units are attached to major hotel/motel projects with experienced property management teams to handle maintenance and more.
Condotels are not similar to timeshares. With timeshares you are buying a period of time. When you buy a condotel unit, you are buying real estate. Whether you are an individual borrower, realtor, or marketing firm, contact Jim Hill — 856-906-4095 — for all your condotel questions.