Spring break is the largest tourism event in Cancun every year. White sandy beaches, perfect spring break weather and vibrant nightclubs make Cancun a popular spring break destination. Spring break in Cancun draws over 200,000 college students and teenagers from all over the United States. While there are many places to stay in Cancun, not all hotels cater to the spring break crowd. With nearly a hundred affordable, student-friendly Cancun spring break hotels in the heart of the action, you'll find just what you're looking for. Cancun spring break hotels offer an excellent range of amenities and modern facilities to accommodate the increasing number of visitors during spring break. These hotels offer special drinks as well as contests and stage shows to keep the party going all night.
Kamis, 30 Juni 2011
Sabtu, 04 Juni 2011
Hotel Lobby Dynamic Signage
On a recent visit to the Marriott hotel group, we where met at the reception with a digital advertising screen that had a inbuilt motion sensor.
This gave us some basic information for the hotel, such as what leisure facility operating hours are, what was on the menu in the restaurant and in the bar and information about Internet access.
This bought time as the receptionist was busy dealing with another customer who was checking in, and by the time the ads had looped completely we where being checked in.
This is the most basic use of digital signage, however a more complex digital signage solution is deployed at the Hyatt group of hotels, here they have an interactive check in and an express check out. Also in their car park they utilize outdoor digital signage to advertise their group of hotels in various destinations throughout the globe, this type of solution is common in hotels and this is how they achieve it.
Check in desk dynamic advertising.
Here numerous large flat panel displays are deployed above the desk and are viewed by guests as they check in. The content is stored on a local networked media player just behind the wall, kind of a back office application; this is then connected to the massive displays using Category 5e network cables, this enables the content to be uploaded from a local PC connected to the media player.
Self serve check in and check out.
This application uses a floor standing kiosk that is touch sensitive so guests can input their data, i.e. reservation number. This can either be on a secured wireless network that is also used by the handheld terminals used by staff to take card payments, or alternatively they can be wired to the main computer network or be a standalone solution with the media player inbuilt.
Advantages of WIFI interactive kiosks - is there are no unsightly wires running across the floor or from the ceiling, also the kiosks can be located any where in the foyer of the hotel lobby and can be moved to another location with very little disruption.
Disadvantages of wireless touchscreen kiosks - these can be costly.
Benefits of hard wired interactive kiosks - kit costs are less than the wireless type as the hardware is more expensive.
Challenges of hard wired interactive kiosks - due to the nature of the installation, the location is really restricted to either the edges of a room of near a pillar to conceal the cables. Moving the kiosk to a new location is expensive as engineers have to be called in to re-lay to the new location.
Advantages of an interactive digital kiosk - these are very affordable, due to the media player being built in and can even run Flash content. Moving to another location is easy, just move the kiosk with no purchase any wireless adapters or having to pay for engineers to come to site.
Conclusion.
If you are going to install digital signage in a hotel lobby, you need to think how to connect it, bearing in mind if it is likely you be moved during any event, such as a wedding - the bride does not want to be upstaged by the digital signage hardware. If this is the case a digital poster is the most affordable solution.
This gave us some basic information for the hotel, such as what leisure facility operating hours are, what was on the menu in the restaurant and in the bar and information about Internet access.
This bought time as the receptionist was busy dealing with another customer who was checking in, and by the time the ads had looped completely we where being checked in.
This is the most basic use of digital signage, however a more complex digital signage solution is deployed at the Hyatt group of hotels, here they have an interactive check in and an express check out. Also in their car park they utilize outdoor digital signage to advertise their group of hotels in various destinations throughout the globe, this type of solution is common in hotels and this is how they achieve it.
Check in desk dynamic advertising.
Here numerous large flat panel displays are deployed above the desk and are viewed by guests as they check in. The content is stored on a local networked media player just behind the wall, kind of a back office application; this is then connected to the massive displays using Category 5e network cables, this enables the content to be uploaded from a local PC connected to the media player.
Self serve check in and check out.
This application uses a floor standing kiosk that is touch sensitive so guests can input their data, i.e. reservation number. This can either be on a secured wireless network that is also used by the handheld terminals used by staff to take card payments, or alternatively they can be wired to the main computer network or be a standalone solution with the media player inbuilt.
Advantages of WIFI interactive kiosks - is there are no unsightly wires running across the floor or from the ceiling, also the kiosks can be located any where in the foyer of the hotel lobby and can be moved to another location with very little disruption.
Disadvantages of wireless touchscreen kiosks - these can be costly.
Benefits of hard wired interactive kiosks - kit costs are less than the wireless type as the hardware is more expensive.
Challenges of hard wired interactive kiosks - due to the nature of the installation, the location is really restricted to either the edges of a room of near a pillar to conceal the cables. Moving the kiosk to a new location is expensive as engineers have to be called in to re-lay to the new location.
Advantages of an interactive digital kiosk - these are very affordable, due to the media player being built in and can even run Flash content. Moving to another location is easy, just move the kiosk with no purchase any wireless adapters or having to pay for engineers to come to site.
Conclusion.
If you are going to install digital signage in a hotel lobby, you need to think how to connect it, bearing in mind if it is likely you be moved during any event, such as a wedding - the bride does not want to be upstaged by the digital signage hardware. If this is the case a digital poster is the most affordable solution.
Senin, 02 Mei 2011
Atlantic City Hotel With Jacuzzi
Your vacation should be a luxuriously relaxing one, and where can you go wrong staying in a hotel that offers a Jacuzzi in every room? Choosing to stay at the thirty-one story Atlantic Palace Suites in Atlantic City will indulge your whims with not only a Jacuzzi in your room, but an elegant suite of either one bedroom, or a studio suite. The suites have in room fully equipped kitchens, and luxurious queen size beds in an elegantly furnished room
The studio double offers a queen size bed as well as a full size Murphy bed that pulls down out of the wall. A kitchenette and Jacuzzi tub in the bath and city as well as ocean views accompany the studio double.
There is also available a one bedroom suite that includes a private bedroom, a living room area and a dining area to compliment the fully equipped kitchen and of course, like every room in the Palace Suites, this Atlantic City hotel is complete with a Jacuzzi.
Along with the standard Jacuzzi and kitchen in every room, the Palace Suites have an outdoor swimming pool for summer enjoyment, direct boardwalk access, free continental breakfasts and a fully equipped health club so you don't have to miss those important workouts while you enjoy your vacation. All rooms have either a city or an ocean view, both of which are stunning any time of day. There is also a restaurant available for lunch and dinner when you don't feel like cooking something for yourself in your room.
The studio double offers a queen size bed as well as a full size Murphy bed that pulls down out of the wall. A kitchenette and Jacuzzi tub in the bath and city as well as ocean views accompany the studio double.
There is also available a one bedroom suite that includes a private bedroom, a living room area and a dining area to compliment the fully equipped kitchen and of course, like every room in the Palace Suites, this Atlantic City hotel is complete with a Jacuzzi.
Along with the standard Jacuzzi and kitchen in every room, the Palace Suites have an outdoor swimming pool for summer enjoyment, direct boardwalk access, free continental breakfasts and a fully equipped health club so you don't have to miss those important workouts while you enjoy your vacation. All rooms have either a city or an ocean view, both of which are stunning any time of day. There is also a restaurant available for lunch and dinner when you don't feel like cooking something for yourself in your room.
Kamis, 28 April 2011
Strata Title Hotel Investments
Want to know why Strata Title Hotel Investments can be a "Hell Hole" for the unwary?
Hello, Colm here ...
A RESIDENTIAL INVESTMENT MANTRA FOR YOU!
WHEN ALL ELSE FAILS,
IF YOU CAN'T "LIVE" IN IT PERMANENTLY,
DON'T BUY IT!
What do I mean by that?
Flexibility should be your investment by-word. One of those important 'bench marks' that you should achieve.
* Major Institutions don't want to own Big Hotels.
* Not to allow you to enjoy being part of the growth in the hospitality industry.
So What Are The Facts:
Why are Hotels built and sold by Strata Title?
Why do Developer Build Strata Title Hotels?
Developers will say, "strata title allows the average investor have a part of the inner city tourism/business market."
What's the real reason for Building Strata Title Hotels?
Major Institutional investors in Australia do not want to own hotels any more. They got into them in the 70's, 80's and generally, did not enjoy the experience.
Why?
The ROI was not 'there.'
Institutions are essentially passive investors and like Flexibility in their investments. Financial institutions do not run Hotels. So they must engage Managers, like Sheraton, Hilton etc to manage the hotel for them.
Institutions want to engage the Manager on a Lease Agreement; however Managers prefer a Management Agreement Arrangement.
Management Agreements are the NORM for the industry, and the Managers are expert at maximizing their performance bonus and the amount left over (the investment return) for the institution has generally not been good enough for institutions to continue to want to expand their hotel investment portfolios, even in CBD locations.
So if that is the attitude of the 'Big Boys' and a developer believes there is a market now for a new hotel, their only other option is to go the strata title route and go for the 'Little Guys.'
Can I put it another way, with no insult intended.
The investment performance of hotels is not good enough for the Professional Institutional Investors who have 'money power' and 'high skill' behind them; so let's go for the non-professional investors through strata title.
Remember the Big Boys employ the Big Managers. The Big Managers don't get involved in Strata Title Hotels. That's left to the lower ranked managers & the lower ranked developers.
I don't think that is good enough, do you?
1. If the complex is run as a HOTEL, you can't live in permanently, 'cause it's too small.
2. If its internal space IS UNDER 50sqm a buyer will not get bank finance.
3. And finally if it has a RENT GUARANTEE you've now got three good reasons to do a '180 degree' turn and RUN.(See separate report)
If investors decides they still want to buy a strata title hotel unit, the most important document to read is the Management Agreement and if there are any Guarantees; who is underwriting the Guarantee; HOW STRONG ARE THEY?
Strata title hotels have a poor history unfortunately, because of the reputation and lack of experience of the developers who put the deals together AND PROMOTE THEM.
Only a few months ago I helped a family who had been in one of these strata title hotel investment for five (5) years. They sold for less than they paid. Enough said.
Let's get away from hotels:
Let's suppose your financial world has fallen apart, and you have to cut things down to the bone.
If your investment unit/house has been designed for the investment market, it is generally smaller than what society regards as a normal size.
You and I know what a NORMAL house and unit looks like and feels like; don't we?
When you see Rent Guaranteed Investment Real Estate, have you noticed that they just don't look like we expect normal houses and units to look.
Usually they are much smaller and are built in a complex.
So the first rule is never buy any property that is under 50 square metres internal area. Do not include balconies in this calculation.
IF THE AREA IS UNDER 50 SQM INTERNAL AREA, BANKS WON'T ACCEPT THE UNIT AS SECURITY.
Oh, you say, 'but my friend was able to buy one and the bank lent them the money.' Yes, you are correct BUT it is usually a finance deal done by the developer with the bank and the bank will usually have security over other assets.
When you come to sell, a bank won't lend BUYERS money for a property under 50 sqm internal area, and that leaves you looking for a 'CASH BUYER ONLY.' Your Flexibility is wounded, but you can't see the blood yet.
The unit/house is physically not considered standard, as compared to what is normally on the market. They can vary from small houses/townhouses in outlying areas or inner city units in complexes being run as a hotel/motel.
Hello, Colm here ...
A RESIDENTIAL INVESTMENT MANTRA FOR YOU!
WHEN ALL ELSE FAILS,
IF YOU CAN'T "LIVE" IN IT PERMANENTLY,
DON'T BUY IT!
What do I mean by that?
Flexibility should be your investment by-word. One of those important 'bench marks' that you should achieve.
* Major Institutions don't want to own Big Hotels.
* Not to allow you to enjoy being part of the growth in the hospitality industry.
So What Are The Facts:
Why are Hotels built and sold by Strata Title?
Why do Developer Build Strata Title Hotels?
Developers will say, "strata title allows the average investor have a part of the inner city tourism/business market."
What's the real reason for Building Strata Title Hotels?
Major Institutional investors in Australia do not want to own hotels any more. They got into them in the 70's, 80's and generally, did not enjoy the experience.
Why?
The ROI was not 'there.'
Institutions are essentially passive investors and like Flexibility in their investments. Financial institutions do not run Hotels. So they must engage Managers, like Sheraton, Hilton etc to manage the hotel for them.
Institutions want to engage the Manager on a Lease Agreement; however Managers prefer a Management Agreement Arrangement.
Management Agreements are the NORM for the industry, and the Managers are expert at maximizing their performance bonus and the amount left over (the investment return) for the institution has generally not been good enough for institutions to continue to want to expand their hotel investment portfolios, even in CBD locations.
So if that is the attitude of the 'Big Boys' and a developer believes there is a market now for a new hotel, their only other option is to go the strata title route and go for the 'Little Guys.'
Can I put it another way, with no insult intended.
The investment performance of hotels is not good enough for the Professional Institutional Investors who have 'money power' and 'high skill' behind them; so let's go for the non-professional investors through strata title.
Remember the Big Boys employ the Big Managers. The Big Managers don't get involved in Strata Title Hotels. That's left to the lower ranked managers & the lower ranked developers.
I don't think that is good enough, do you?
1. If the complex is run as a HOTEL, you can't live in permanently, 'cause it's too small.
2. If its internal space IS UNDER 50sqm a buyer will not get bank finance.
3. And finally if it has a RENT GUARANTEE you've now got three good reasons to do a '180 degree' turn and RUN.(See separate report)
If investors decides they still want to buy a strata title hotel unit, the most important document to read is the Management Agreement and if there are any Guarantees; who is underwriting the Guarantee; HOW STRONG ARE THEY?
Strata title hotels have a poor history unfortunately, because of the reputation and lack of experience of the developers who put the deals together AND PROMOTE THEM.
Only a few months ago I helped a family who had been in one of these strata title hotel investment for five (5) years. They sold for less than they paid. Enough said.
Let's get away from hotels:
Let's suppose your financial world has fallen apart, and you have to cut things down to the bone.
If your investment unit/house has been designed for the investment market, it is generally smaller than what society regards as a normal size.
You and I know what a NORMAL house and unit looks like and feels like; don't we?
When you see Rent Guaranteed Investment Real Estate, have you noticed that they just don't look like we expect normal houses and units to look.
Usually they are much smaller and are built in a complex.
So the first rule is never buy any property that is under 50 square metres internal area. Do not include balconies in this calculation.
IF THE AREA IS UNDER 50 SQM INTERNAL AREA, BANKS WON'T ACCEPT THE UNIT AS SECURITY.
Oh, you say, 'but my friend was able to buy one and the bank lent them the money.' Yes, you are correct BUT it is usually a finance deal done by the developer with the bank and the bank will usually have security over other assets.
When you come to sell, a bank won't lend BUYERS money for a property under 50 sqm internal area, and that leaves you looking for a 'CASH BUYER ONLY.' Your Flexibility is wounded, but you can't see the blood yet.
The unit/house is physically not considered standard, as compared to what is normally on the market. They can vary from small houses/townhouses in outlying areas or inner city units in complexes being run as a hotel/motel.
Thinking of Buying a Condo Hotel? Here Are 20 Things You Need to Know!
1. What is a condo hotel or condotel?
Think of a condo hotel (also sometimes called a condotel or hotel condo) as buying a condominium, although one that is part of a four-star caliber hotel. Therefore, as an owner, when you are on vacation, you'll get the benefit of more four-star services and amenities than you'd get in a typical condominium.
2. What types of services and amenities are found in condo hotels?
If you can imagine the niceties you'd find in an upscale hotel, then you can picture a condo hotel. Among the features are often resort-style pools, full-service spas, state-of-the-art fitness centers, fine dining restaurants, concierge services and room service.
In some locations, like Las Vegas, you'll find condo hotels with their own casinos, retail areas, and entertainment venues. In places like Orlando, you'll find condo hotels with their own water parks and convention facilities.
3. What is the difference between a condo hotel and a traditional condominium?
The big difference between a hotel and a condo hotel is that a hotel typically has one owner, either individual or corporate, but a condo hotel is sold off unit by unit. Therefore, a 300-room condo hotel could have as many as 300 unit owners.
4. Is it evident to hotel guests whether they're staying in a condo hotel or a traditional hotel?
A hotel guest will likely never know that the hotel has multiple owners because the property is operated just like a traditional hotel and often under the management of a well-known hotel company like Hilton, Hyatt, Starwood, Trump or W. Also, each of the individual condo hotel units will look identical in design and décor to every other, just as they would in a traditional hotel.
5. Who typically buys condo hotels?
They're primarily sold to people who want a vacation home but do not want to deal with the hassles typically associated with second home ownership such as maintaining the property or finding renters in the off season.
6. What is the demographic of the typical condo hotel buyer?
The spectrum of condo hotel buyers is pretty broad. There are families that want a second home in a vacation destination. There are baby boomers who are at or nearing retirement and want somewhere they can "winter." There are also plenty of investors who purchase a condo hotel unit with little intention of ever using it; they're in it for the potential appreciation of the real estate.
7. Can you live in a condo hotel?
Condo hotels are not typically offered as primary residences. In fact, many of them limit the unit owner's usage of the condo hotel unit (typically 30-60 days per year) because the unit is expected and needed in the hotel's nightly rental program where it can be offered to guests and generate revenue.
8. Who gets the money when your condo hotel is rented out?
The hotel management company splits the rental revenue with the individual condo hotel owner. While the exact percentages vary from property to property, the typical rental split is in the 50%-50% range.
9. Who finds hotel guests and then cleans and maintains the condo hotel units?
The hotel management company markets the property and books hotel guests. It also maintains the unit and ensures the smooth operation of all of the hotel's services and amenities.
10. What are the advantages / disadvantages of purchasing a condotel over purchasing typical rental properties?
Advantages include:
· Hassle-free ownership; no landlord issues
· Rental revenue to offset some or maybe all ownership expenses
· A fantastic vacation home available for use whenever you want
· A real estate investment at a time when other investments may seem less attractive
· Strong likelihood of appreciation
· Pride of ownership --"I own a piece of a Trump"
Disadvantages include:
· Annual cash flow could be equal to or less than annual ownership costs
· Pets are usually not welcome.
· An owner's condo hotel unit may be rented when the owner wants to it, so advance reservations are required to guarantee availability.
· The condo hotel unit is subject to the same dips in the market that affect all hotels in the competitive market set: hurricanes, terrorist threats, warm winters up north, price of gas, etc., all of which can affect a unit's occupancy rate and the amount of revenue it generates.
11. Are condo hotel units difficult to finance?
Not at all, but they do take 20% down typically, whereas condos can be purchased with less cash down. It's also important to make sure you use a mortgage broker who has had success in getting condo hotel financing deals done. Many banks still do not do them, but more and more are getting involved as condo hotels become more widely available.
12. How long have condo hotels been around and where are they located?
Condo hotels have been around for several decades, but the huge surge of four-star and five-star condo hotels that have been making their way across the country, started around year 2000 in the Miami area. The Miami-Fort Lauderdale area still has the most condo hotels, but areas like Orlando and Las Vegas are developing condo hotel properties at an even faster rate and will likely surpass South Florida soon. Other up-and-coming areas are places like the Bahamas, Panama, Dominican Republic, Mexico, Canada and Dubai.
13. How much do condo hotel units cost?
That's like asking how much a car costs. There are different quality condo hotels. Some require greater amounts of money than others, obviously.
There are inexpensive condo hotels out there for as little as $100,000. These are typically found in properties that have converted their use from an existing hotel. They are hotel room-sized, lack kitchen facilities, luxury franchises, and other first-class amenities.
Then there are the four-star or greater properties that may start in the $300,000 to $400,000 range, but can go all the way up to $800,000 just for a studio unit. One- and two-bedroom units cost substantially more than a studio. Of course, the studios do come fully furnished and finished, and will be significantly larger in size than a typical hotel room, and may attract guests because of its name like St. Regis, Ritz or W.
14. What are typical maintenance costs?
On average about $1.00 to $1.50 per sq. ft., but the range can exceed $2.00 sq. ft. in the most luxurious properties.
15. Do you buy condo hotel units after they have been built, or can you purchase condo hotels in pre-construction?
Unless you are in a hurry to get started vacationing or you need to complete a 1031 exchange, it's best to buy condo hotels in pre-construction as early as possible. That's when prices are lowest and unit selection is greatest. You will likely wait two years or longer before closing on and taking possession of your condo hotel unit, but you will have locked in the price and will get the benefit of maximum appreciation.
16. Is there anything else investors should want to know about condotels?
There is more to buying this type of real estate than the old phrase, "location, location, location." While most condo hotels are located in desirable resort and business area locations, what is most important is a good franchise with a strong reservation system.
Also, do not be fooled by an aggressive rental split. One way or the other, the developer of the property will have to staff, maintain and operate the hotel and its services like the restaurants, bars, spas and pools from his share of the proceeds. If he's giving you a very favorable share of the rental, he's also more likely to be charging you a higher monthly maintenance fee. Of course, this goes both ways. If the maintenance split that is offered is closer to 50-50, then your maintenance should be more reasonable too.
17. Any suggestions to investors in choosing which condo hotel to buy?
Get good advice. That means you don't want to rely only on the pitch provided by an onsite salesperson at a condo hotel. You want to talk with a broker who specializes in condo hotels and who knows and understands the entire condo hotel market, not just the facts pertaining to a single property. He or she will listen to your wants and needs and then offer recommendations as to which properties best match your requirements. You'll have an opportunity to comparison shop and consider the pros and cons of each available property.
A good broker can be the difference between your buying a condo hotel that will be problematic and not live up to your expectations or one that will provide you with years of great vacations, good annual revenue and a substantial profit when you sell.
18. Does it cost more to use a real estate broker to purchase a condo hotel than buying a unit on one's own?
No. With new condo hotel properties, the prices are always set by the developer and are exactly the same whether you buy directly from an onsite salesperson at the property or using a broker.
The broker's commission is always paid by the developer and is already built into the price regardless of whether an outside broker participates in the sale or not. Since a broker's representation is free to buyers, it does make sense to enlist their aid and get the benefit of their advice before making a purchase.
19. How can prospective buyers find a good condo hotel broker?
Ask friends for broker recommendations or search online for "condo hotel broker." Visit condo hotel broker websites and see if the information they provide seems comprehensive and unbiased. If their website seems to focus on selling homes or office space, and the condo hotel information appears to be an afterthought, steer clear. Your best bet is to work with a condo hotel broker who specializes.
20. How can buyers learn about new condo hotel properties coming on the market?
Think of a condo hotel (also sometimes called a condotel or hotel condo) as buying a condominium, although one that is part of a four-star caliber hotel. Therefore, as an owner, when you are on vacation, you'll get the benefit of more four-star services and amenities than you'd get in a typical condominium.
2. What types of services and amenities are found in condo hotels?
If you can imagine the niceties you'd find in an upscale hotel, then you can picture a condo hotel. Among the features are often resort-style pools, full-service spas, state-of-the-art fitness centers, fine dining restaurants, concierge services and room service.
In some locations, like Las Vegas, you'll find condo hotels with their own casinos, retail areas, and entertainment venues. In places like Orlando, you'll find condo hotels with their own water parks and convention facilities.
3. What is the difference between a condo hotel and a traditional condominium?
The big difference between a hotel and a condo hotel is that a hotel typically has one owner, either individual or corporate, but a condo hotel is sold off unit by unit. Therefore, a 300-room condo hotel could have as many as 300 unit owners.
4. Is it evident to hotel guests whether they're staying in a condo hotel or a traditional hotel?
A hotel guest will likely never know that the hotel has multiple owners because the property is operated just like a traditional hotel and often under the management of a well-known hotel company like Hilton, Hyatt, Starwood, Trump or W. Also, each of the individual condo hotel units will look identical in design and décor to every other, just as they would in a traditional hotel.
5. Who typically buys condo hotels?
They're primarily sold to people who want a vacation home but do not want to deal with the hassles typically associated with second home ownership such as maintaining the property or finding renters in the off season.
6. What is the demographic of the typical condo hotel buyer?
The spectrum of condo hotel buyers is pretty broad. There are families that want a second home in a vacation destination. There are baby boomers who are at or nearing retirement and want somewhere they can "winter." There are also plenty of investors who purchase a condo hotel unit with little intention of ever using it; they're in it for the potential appreciation of the real estate.
7. Can you live in a condo hotel?
Condo hotels are not typically offered as primary residences. In fact, many of them limit the unit owner's usage of the condo hotel unit (typically 30-60 days per year) because the unit is expected and needed in the hotel's nightly rental program where it can be offered to guests and generate revenue.
8. Who gets the money when your condo hotel is rented out?
The hotel management company splits the rental revenue with the individual condo hotel owner. While the exact percentages vary from property to property, the typical rental split is in the 50%-50% range.
9. Who finds hotel guests and then cleans and maintains the condo hotel units?
The hotel management company markets the property and books hotel guests. It also maintains the unit and ensures the smooth operation of all of the hotel's services and amenities.
10. What are the advantages / disadvantages of purchasing a condotel over purchasing typical rental properties?
Advantages include:
· Hassle-free ownership; no landlord issues
· Rental revenue to offset some or maybe all ownership expenses
· A fantastic vacation home available for use whenever you want
· A real estate investment at a time when other investments may seem less attractive
· Strong likelihood of appreciation
· Pride of ownership --"I own a piece of a Trump"
Disadvantages include:
· Annual cash flow could be equal to or less than annual ownership costs
· Pets are usually not welcome.
· An owner's condo hotel unit may be rented when the owner wants to it, so advance reservations are required to guarantee availability.
· The condo hotel unit is subject to the same dips in the market that affect all hotels in the competitive market set: hurricanes, terrorist threats, warm winters up north, price of gas, etc., all of which can affect a unit's occupancy rate and the amount of revenue it generates.
11. Are condo hotel units difficult to finance?
Not at all, but they do take 20% down typically, whereas condos can be purchased with less cash down. It's also important to make sure you use a mortgage broker who has had success in getting condo hotel financing deals done. Many banks still do not do them, but more and more are getting involved as condo hotels become more widely available.
12. How long have condo hotels been around and where are they located?
Condo hotels have been around for several decades, but the huge surge of four-star and five-star condo hotels that have been making their way across the country, started around year 2000 in the Miami area. The Miami-Fort Lauderdale area still has the most condo hotels, but areas like Orlando and Las Vegas are developing condo hotel properties at an even faster rate and will likely surpass South Florida soon. Other up-and-coming areas are places like the Bahamas, Panama, Dominican Republic, Mexico, Canada and Dubai.
13. How much do condo hotel units cost?
That's like asking how much a car costs. There are different quality condo hotels. Some require greater amounts of money than others, obviously.
There are inexpensive condo hotels out there for as little as $100,000. These are typically found in properties that have converted their use from an existing hotel. They are hotel room-sized, lack kitchen facilities, luxury franchises, and other first-class amenities.
Then there are the four-star or greater properties that may start in the $300,000 to $400,000 range, but can go all the way up to $800,000 just for a studio unit. One- and two-bedroom units cost substantially more than a studio. Of course, the studios do come fully furnished and finished, and will be significantly larger in size than a typical hotel room, and may attract guests because of its name like St. Regis, Ritz or W.
14. What are typical maintenance costs?
On average about $1.00 to $1.50 per sq. ft., but the range can exceed $2.00 sq. ft. in the most luxurious properties.
15. Do you buy condo hotel units after they have been built, or can you purchase condo hotels in pre-construction?
Unless you are in a hurry to get started vacationing or you need to complete a 1031 exchange, it's best to buy condo hotels in pre-construction as early as possible. That's when prices are lowest and unit selection is greatest. You will likely wait two years or longer before closing on and taking possession of your condo hotel unit, but you will have locked in the price and will get the benefit of maximum appreciation.
16. Is there anything else investors should want to know about condotels?
There is more to buying this type of real estate than the old phrase, "location, location, location." While most condo hotels are located in desirable resort and business area locations, what is most important is a good franchise with a strong reservation system.
Also, do not be fooled by an aggressive rental split. One way or the other, the developer of the property will have to staff, maintain and operate the hotel and its services like the restaurants, bars, spas and pools from his share of the proceeds. If he's giving you a very favorable share of the rental, he's also more likely to be charging you a higher monthly maintenance fee. Of course, this goes both ways. If the maintenance split that is offered is closer to 50-50, then your maintenance should be more reasonable too.
17. Any suggestions to investors in choosing which condo hotel to buy?
Get good advice. That means you don't want to rely only on the pitch provided by an onsite salesperson at a condo hotel. You want to talk with a broker who specializes in condo hotels and who knows and understands the entire condo hotel market, not just the facts pertaining to a single property. He or she will listen to your wants and needs and then offer recommendations as to which properties best match your requirements. You'll have an opportunity to comparison shop and consider the pros and cons of each available property.
A good broker can be the difference between your buying a condo hotel that will be problematic and not live up to your expectations or one that will provide you with years of great vacations, good annual revenue and a substantial profit when you sell.
18. Does it cost more to use a real estate broker to purchase a condo hotel than buying a unit on one's own?
No. With new condo hotel properties, the prices are always set by the developer and are exactly the same whether you buy directly from an onsite salesperson at the property or using a broker.
The broker's commission is always paid by the developer and is already built into the price regardless of whether an outside broker participates in the sale or not. Since a broker's representation is free to buyers, it does make sense to enlist their aid and get the benefit of their advice before making a purchase.
19. How can prospective buyers find a good condo hotel broker?
Ask friends for broker recommendations or search online for "condo hotel broker." Visit condo hotel broker websites and see if the information they provide seems comprehensive and unbiased. If their website seems to focus on selling homes or office space, and the condo hotel information appears to be an afterthought, steer clear. Your best bet is to work with a condo hotel broker who specializes.
20. How can buyers learn about new condo hotel properties coming on the market?
Formerly Known As Escape Hotel and Spa
Recently completely refurbished and upgraded to a very high standard, the four star Waves Hotel (formerly known as the Escape Hotel and Spa) provides a luxury venue for a tropical beach holiday in Barbados.
This all inclusive Barbados hotel overlooks Prospect Bay in the charming west coast parish of St.James, with its white sandy beach exclusively available to the hotel guests.
You will be able to choose from a wide range of guest rooms in the three storey main hotel building, Ocean House, or the adults only Spa hotel. These rooms are all equipped with air conditioning and a super King size bed!
The most obvious amenity for the Escape Hotel is the gorgeous beach, with its white sand and warm sea. With plenty of sun loungers and beach umbrellas available, chilling-out has never been easier.
If you would like a little more activity, there is wind surfing, snorkelling and kayaking equipment available by the beach, free to residents. The beach shop can also provide advice or arrange tuition in any of the activities, for all levels of ability.
If you fancy being active further a field, the staff at the shop will arrange sea fishing or scuba diving trips; these will incur an extra cost.
As a change from sea swimming, Ocean house has a large free form pool on the terrace, overlooking the sea. It is available for all, but children under 12 years old must be accompanied at all times.
In the Spa, there are a number of facilities and activities available to the Ocean House residents as well. The well-equipped fitness suite provides cycle and treadmill machines and the benches, weights and mats for general fitness training.
Here there is another free form pool, for adults only, which includes a "jumbo" whirl pool. A scuba diving class is held here once a week.
The Spa's great attractions are the health treatments. These are available to all hotel guests, with each guest receiving two free treatments each week. If you are not relaxed enough, a massage in the Spa will do the trick; or treat yourself to a beauty treatment.
To serve the "inner person", the Escape Hotel provides three restaurants and a number of bars. The main restaurant is the Seascape restaurant, which provides breakfasts and lunches everyday and dinner on five nights. The restaurant provides a wide variety of international and local dishes and holds a weekly barbecue and a Caribbean buffet, in the open air.
The Garden restaurant in the Spa has a mainly Caribbean cuisine, with emphasis on the healthier options. It is open for lunches each day and dinner every evening except Saturday.
For a change, "East" provides gourmet Asian-Pacific cuisine, each evening. It is available for dinner only.
There are three bars available: The Rum Shack, by the beach, and Craig's Bar, in the main building, provide drinks of all kinds, all day. For later on, the After-hours bar in the Spa, serves until 1.0 am each evening.
This all inclusive Barbados hotel overlooks Prospect Bay in the charming west coast parish of St.James, with its white sandy beach exclusively available to the hotel guests.
You will be able to choose from a wide range of guest rooms in the three storey main hotel building, Ocean House, or the adults only Spa hotel. These rooms are all equipped with air conditioning and a super King size bed!
The most obvious amenity for the Escape Hotel is the gorgeous beach, with its white sand and warm sea. With plenty of sun loungers and beach umbrellas available, chilling-out has never been easier.
If you would like a little more activity, there is wind surfing, snorkelling and kayaking equipment available by the beach, free to residents. The beach shop can also provide advice or arrange tuition in any of the activities, for all levels of ability.
If you fancy being active further a field, the staff at the shop will arrange sea fishing or scuba diving trips; these will incur an extra cost.
As a change from sea swimming, Ocean house has a large free form pool on the terrace, overlooking the sea. It is available for all, but children under 12 years old must be accompanied at all times.
In the Spa, there are a number of facilities and activities available to the Ocean House residents as well. The well-equipped fitness suite provides cycle and treadmill machines and the benches, weights and mats for general fitness training.
Here there is another free form pool, for adults only, which includes a "jumbo" whirl pool. A scuba diving class is held here once a week.
The Spa's great attractions are the health treatments. These are available to all hotel guests, with each guest receiving two free treatments each week. If you are not relaxed enough, a massage in the Spa will do the trick; or treat yourself to a beauty treatment.
To serve the "inner person", the Escape Hotel provides three restaurants and a number of bars. The main restaurant is the Seascape restaurant, which provides breakfasts and lunches everyday and dinner on five nights. The restaurant provides a wide variety of international and local dishes and holds a weekly barbecue and a Caribbean buffet, in the open air.
The Garden restaurant in the Spa has a mainly Caribbean cuisine, with emphasis on the healthier options. It is open for lunches each day and dinner every evening except Saturday.
For a change, "East" provides gourmet Asian-Pacific cuisine, each evening. It is available for dinner only.
There are three bars available: The Rum Shack, by the beach, and Craig's Bar, in the main building, provide drinks of all kinds, all day. For later on, the After-hours bar in the Spa, serves until 1.0 am each evening.
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