| #ffffff;" /> | | | | Torrence just put a deposit on a condo hotel unit at |
| If home ownership was once the tangible evidence of | | | | New Oasis at Sea Mist Resort, a to-be-built condo |
| success in America, today a vacation home is the | | | | hotel in Myrtle Beach. |
| quintessential symbol of truly having arrived. But with | | | | Condo hotels are popping up in all sorts of appealing |
| limited time to spend using and maintaining a vacation | | | | destinations like Miami Beach, Orlando, Las Vegas, |
| home, the perfect solution has been elusive. | | | | Myrtle Beach and the Caribbean. "The concept started |
| Along comes the condo hotel, a new twist on the | | | | in Miami," Greene said, "but it's definitely catching on |
| traditional vacation apartment or family beach house. | | | | throughout the country. We're also seeing condo hotels |
| These hassle-free, amenity-rich properties could be the | | | | appear in Canada, Europe and the Middle East. It is |
| ultimate second home for today’s well-to-do. | | | | becoming a worldwide phenomenon." |
| "Condo hotels are designer-furnished condominium | | | | In addition, buyers are coming from all over the world, |
| suites located in some of the most famous hotels and | | | | not just the U.S. W International, a London-based |
| resorts around the country," explained Joel Greene, | | | | company that markets condo hotels in Great Britain, |
| president of Condo Hotel Center, a national real estate | | | | finds that U.K. buyers are enchanted with the condo |
| firm that specializes in the sale of condo hotels. | | | | hotel concept. |
| "Owners have access to all the wonderful amenities | | | | According to Ann Adenius, president of W International, |
| of a luxury hotel like resort-style pools, upscale dining | | | | they welcome the opportunity to have a vacation |
| options, rejuvenating spas. They also get the benefit of | | | | home in the U.S. and have a particular affinity for |
| all the hotel services like daily housekeeping, valet | | | | Orlando, Florida. “Over 40 percent of the |
| parking and a helpful on-site concierge, everything you | | | | condo hotel units sold in Orlando last year were to U.K. |
| could want when on vacation.” | | | | buyers,” she said. “When you think |
| Owners of condo hotel units can use their vacation | | | | about it, a condo hotel is perfect for them. They want |
| home when they’d like. When not in use, they | | | | to go on holiday once or twice a year in the U.S. but |
| don’t have to be concerned with boarding it up | | | | do not want to deal with renters or maintaining their |
| or maintaining it. That’s because an on-site hotel | | | | property from overseas the rest of the time,” |
| management company takes care of all operational | | | | she said. |
| issues, including finding hotel guests to rent the condos. | | | | Most upscale condo hotels are operated by highly |
| According to Greene, owners receive a share of the | | | | reputable hotel franchises like Hyatt, Hilton, Trump, |
| proceeds their unit generates, usually about 50%. He | | | | Starwood, Sonesta and Ritz-Carlton that know how to |
| added that unit owners are more likely to receive a | | | | cater to buyers with discerning taste and demanding |
| higher level of rental income by participating in the | | | | requirements. |
| hotel’s rental program rather than trying to rent | | | | “When I go on vacation, I want to be |
| out the condo themselves. “The hotel usually | | | | pampered,” explained Cherise Fuller who |
| brings to the table a national affiliation, international | | | | recently decided to purchase a unit at the W Las |
| marketing, a sophisticated reservation system, brand | | | | Vegas condo hotel. “I want to relax, not worry |
| recognition and management expertise.” | | | | about housekeeping, cooking and what to do with the |
| Many condo hotel owners say they can more easily | | | | kids. A condo hotel is perfect. The kids can head to |
| justify the purchase of a condo hotel unit than a | | | | the pool. I’ll go to the spa and fitness center. |
| traditional vacation home. “I always hesitated to | | | | And my husband can hang out in the casino. |
| buy a second home in the past because I knew we | | | | There’s something for everyone.” |
| could only use it a few weeks out of the year,” | | | | While having a home-away-from-home is the primary |
| explained Mindy Sullivan, who recently purchased a | | | | reason for purchasing a condo hotel, some buyers say |
| condo hotel unit in Orlando for her family. “A | | | | they like the concept because of its appreciation |
| condo hotel was the perfect solution because | | | | potential. Places like Las Vegas, Orlando, Miami and |
| whenever we’re not there, the condo is rented | | | | Myrtle Beach have seen double-digit increases in real |
| out. The income it produces helps cover its | | | | estate values in recent years. Many condo hotel |
| costs.” | | | | owners in those areas are betting the surge in |
| Prices for condo hotel units range from $200,000 to | | | | property appreciation will continue. When they sell their |
| upwards of $2,000,000 for five-star, ultra-luxurious | | | | vacation homes, they’re hoping to make a |
| homes. They usually include all furnishings and | | | | significant profit. |
| appliances as well as impressive design features like | | | | “I bought a condo hotel to diversify my |
| gourmet kitchens, luxurious bathrooms, marble tile and | | | | portfolio,” said John Alicia who purchased a unit |
| hardwood floors. | | | | at The Cube condo hotel in Dubai, a place he said he is |
| Condo hotel buyer, Dwight Torrence, said he always | | | | not planning to spend his vacations. “I was able |
| wanted a vacation home for his family but | | | | to buy a five-star condo hotel for under $300,000. |
| didn’t want to contend with all the hassles he | | | | I’m looking forward to seeing decent annual |
| remembered seeing his parents face with their lake | | | | returns and an increase in value when I’m |
| house when he was growing up. | | | | ready to sell, probably in a few years.” |
| “Even though we only used the lake house in | | | | Now Alicia, who lives in California, says he’s |
| the summer, it was a year-round burden. Burst pipes, | | | | looking for another condo hotel to buy. But this one will |
| rotting deck, fading paint, renters who didn’t pay | | | | be in the U.S., one he’s likely to use as a family |
| up – no thank you.” Torrence said he | | | | vacation home as well as an investment. |
| didn’t want the added chores and stress. | | | | “I’ve shied away from real estate in the |
| “When I learned that with a condo hotel, | | | | past because I didn’t want to be a landlord and |
| someone else handles all the work, I knew I’d | | | | take on all the responsibilities that come with it. |
| found a solution that was right for me.” | | | | |