Archive for the ‘Condo Hotels’ Category

Condotels

Sunday, April 26th, 2009

So you’ve read the subject…now you are wondering, “What is a condotel?” A condotels are hotels that has sold some or all of its rooms, and still offers guests the opportunity to visit their hotel. Living in a condotel could have some pretty interesting benefits, such as housekeeping, room service, great restaurants on the premises, health and fitness clubs, golf courses, valet service and much more. It would be like living everyday as if you were on vacation, with the except you would probably have to go off to work. Though it might be hard to explain to a date if you were going to bring them back to your place.

Surprisingly there are some pretty impressive chains that offer their rooms for purchase. These condotels include The Ritz Carlton, Hotel Intercontinental, Trump Towers, and the Wyndham. You should also note that not all of their locations are condotels.

Another cool thing about condotels, is if you should go out of town, you have the option of renting your room out to someone else. You would actually earn a little cash while you were gone. Housekeeping would clean up after they were gone and when you return, you wouldn’t even know that someone had been there.

Just like purchasing any other type of real estate, it is important to work with a qualified real estate professional. The Condo Specialists at OwnACondo.com can help you in understanding what it means to own a room at a condotel. Your Condo Specialist would work with you and for your from contract to closing and they would make sure that you understand the process every step of the way.

So if you have always wanted to live the lifestyle like you are on vacation, then picture yourself living in a condotel. The amenities that condotels can offer, can be far greater than your typical condominium. Additionally, similar to a condominium, a condotel can be purchased in a variety of sizes. So if you are looking for a studio, or a one, two or three bedroom condotel, the condotel of your dreams would be a great place to call home.

Condotel properties are available in many cities throughout the United States and more. From California, Arizona, Colorado, Chicago, New York and Miami, condotels have grown in popularity. So start living the dream of being on vacation, consider the city, the size of the room and the amenties your would like and call a Condo Specialist today.

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Condotels

Tuesday, April 7th, 2009

I simply love Condotels!  You buy the condominium and it feels like you’re living in a hotel.  The people in the lobby are rushing in with their suitcases and all the commotion.  It makes it feel like you’re constantly on vacation. What I love most about it is the room service.  When I get hungry I call the restaurant downstairs and they bring food up to me in a matter of minutes.

Condotels started picking up steam in the late nineties.  Today they’re everywhere.  The condo-hotel experience is great because you have the best of all worlds. You have the comforts of condo living in which you own the space.  You can bring guests, decorate any way you want, rent it out if you’d like…it’s yours. And you are in a unique situation in that you can also have the hotel rent out your condominium when they get filled up.  The hotel business has a certain amount of units that they will rent out daily.  Depending on the area of the condotel, many of the units could be occupied and the need for more units can be strong.  If the building is in an area that has many convention meetings and people flock to the area often in huge numbers, hotels can be overbooked. This is a great opportunity for the condominium owner to cash in on renting their unit out daily.  As with a hotel, the daily charge for a room is much larger than a monthly rental.

How does the renting of your condotel work? If you wanted to participate with the hotel management in this program, you would be on a list of available units to rent out when the need arose for the hotel part.  If they were booked on an evening and a customer came in to rent a room, they would have a list of unit owners that would allow for hotel rental for the evening.  There are condo unit owners that like this and are on the list and then there are some owners that would never rent their condo in a million years. They bought the unit with intentions of it being their home and would not want it rented to no one.

So for some it’s great, for others renting your condotel is why you even bought the condo in the first place.  If you’re interested in learning much more about condotels and would like to be referred to a company that specializes in condominiums, the best place to call is “OwnACondo.com” at 630.812.2700. They have over one hundred Realtors dedicated to servicing all your condominium needs.

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Condo Hotels in Chicago

Monday, April 6th, 2009

Condo Hotels in Chicago are very popular investments for a number of reasons. As an end user, the condominium allows you to relax in the comfort of your own condo while having the luxury of all hotel amenities.  Just think of how it feels when you go to an exclusive hotel.  There is room service, in-house maid service, bell hops and valet parking.  They have restaurants open around the clock and maintenance men to handle anything that comes up.  In condo hotels, you own your own condo but have all the amenities attached to it.

How much more does it cost to buy a condo hotel in Chicago?  Surprisingly, condo hotels have come down significantly in price lately.  The real estate market overall has depreciated more than 15-25% in many areas bringing affordability to condo hotels.  It really depends on the size of the condominium and the area the condo hotel is in.  Most of the additional services will be billed monthly to you for the things you’d like.  You don’t have to have the maid service if you do not want it.  All of these services are extra.  There are some things that will cost more just because you’re in the condo hotel environment.  Your association fees on a monthly basis may be higher than normal.

One of the best things about the condo hotel investment is that you can rent out your condo as if it were a hotel room.  This is an extreme advantage over just simple rentals at a normal condominium complex.  When the hotel is booked solid and is looking to accommodate guests, they will look to the list of condo owners that would like their condo rented if they are not using it for the evening.  Imagine the ease of renting it when you have a service like a hotel that is driving customers to it daily.  The cost is normally 20% to the hotel for renting it, 80% to the condo owner.  It creates a win-win for everyone involved.

Condo Hotels in Chicago can be found by contacting a condo brokerage specialist.  “OwnACondo.com”, such a firm out of the Chicago area can help you.  They can be reached at 630.812.2700. There are a number of great buys on condo hotels and they are located all over the Chicago area.  Condo hotels are not for everyone because they do create a lot of traffic, but for the individual that would like to use it sporadically and rent out the unit the rest of the time, condo hotels can be a great way to go.

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