| You may have heard all the buzz about the newest | | | | Hilton, Starwood or Trump is likely to generate more |
| type of vacation home investment, condo hotels. | | | | revenue than a non-brand because it can charge |
| These are condominiums located in four- and | | | | higher room rates and benefit from international |
| five-star hotels in cities like Miami, Orlando, Las Vegas | | | | advertising and a centralized reservation system. |
| and Chicago. Owners use their condos when they'd | | | | 4. Will the condo hotel receive traffic from any |
| like. When not using their unit, they can place it in the | | | | nearby attractions or entertainment venues? |
| hotel's rental program and receive a percentage of | | | | A condo hotel that is near a convention center, a |
| the revenue it generates. | | | | theme park or cruise port will benefit from proximity |
| How do you choose a condo hotel unit that meets | | | | to these high-traffic venues. |
| your desire for a vacation home and is also likely to | | | | 5. Does the condo hotel have any on-site amenities |
| produce a healthy revenue and appreciate down the | | | | that will draw guests such as a well-known health |
| road? Consider the following seven questions when | | | | club, spa, fine dining restaurant or golf course? |
| evaluating a condo hotels: | | | | You'll want to choose a condo hotel that has |
| 1. Is a condo hotel right for you? | | | | amenities you'll enjoy using and also are a draw to |
| Condo hotels are not your typical second homes. | | | | attract hotel guests. |
| They are fabulously-furnished condominium suites in | | | | 6. Does the individual unit that you're considering in a |
| some of the most famous hotels and resorts around | | | | condo hotel meet your needs? |
| the country. The properties are usually large, high-rise, | | | | Does it have enough bedrooms, enough square |
| luxury hotels and come with premium amenities like | | | | footage? Does it have a kitchen? (Some do, some |
| valet, concierge and maid service. Prices can range | | | | don't.) Does it offer an appealing view? Is it furnished |
| from $250,000 to over $1 million for prime properties. | | | | to meet your tastes? Does it offer any owner |
| 2. Is the condo hotel well-located? | | | | storage? |
| Consider whether the property is located in a popular | | | | 7. Will the condo hotel unit appreciate? |
| vacation destination, one that is likely to do a healthy | | | | While personal enjoyment should be your primary |
| tourist or business trade regardless of economic | | | | reason for considering a condo hotel purchase, it's |
| factors. | | | | certainly worth thinking about whether the property |
| Also, you must be sure you yourself like the location. | | | | you want has good appreciation potential. |
| Does it offer you the ocean view or golf course | | | | Look at surrounding properties and area appreciation |
| access you always dreamed about for your vacation | | | | rates. Does the condo hotel have lots of |
| home? If you'll be flying to this vacation home, how | | | | competition? Is it different or better than area |
| close is it to a major airport? | | | | properties? How has the demand been since the |
| 3. Does the condo hotel have a major franchise? | | | | property first came on the market? |
| The key to a successful condo hotel investment is | | | | A realtor who specializes in condo hotels and is |
| the hotel operator. The better the operator and the | | | | familiar with the area in which you're looking can |
| franchise, the more likely the success of the | | | | often help you determine if the condo hotel you're |
| property. | | | | considering has good appreciation potential. |
| A condo hotel with a name brand like Ritz-Carlton, | | | | |