condotel

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condotel

A relatively recent concept involving a melding of a resort hotel with condominium ownership. Initially became popular after September 11, 2001, when it became difficult to obtain financing of more than 50 percent of the cost of acquisition or development of a hotel property.To raise the additional necessary capital, developers sold individual units to investors and users, with the promise to rent the units to hotel guests and pay over profits to the individual owners.In recent years the practice has become less common with regular hotels, but remains strong with resort developments. The Securities and Exchange Commission, and several plaintiffs' law firms, have recently taken the position that such relationships involve the sale of securities, thereby requiring registration,disclosure,adherence to strict accounting standards,and many other requirements.
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Critical for the project's financing is the sale of La Concha's 235 condo-hotel units.
Hypo Real Estate Capital Corporation--the New York-based subsidiary of Hypo Real Estate Bank International and one of the leading financial institutions in the United States commercial real estate industry--closed a three-year construction loan to Intell Boston Harbor, LLC for the development of the new InterContinental Hotel and luxury "Residences at the InterContinental," a condo-hotel project in Boston, Massachusetts.
SAN DIEGO, March 29 /PRNewswire/ -- Hard Rock Hotel San Diego, the city's first branded condo-hotel, announced today its partnership with the Grammy(R) Award-winning Black Eyed Peas to collaborate on the design for one of the condo-hotel's Rock Star Suites, and to raise awareness and funds for The Black Eyed Peas' charity, The Peapod Foundation, a global organization dedicated to providing opportunities and support for children worldwide (http://www.
All but two of the 181 residential units have already sold, but now the Plaza is entering a new phase of its real estate cycle: resales and the sales of the remaining condo-hotel units.
Southern Hospitality offices are located at 600 North Atlantic Avenue on the first floor of Ocean Waters' flagship condo-hotel, the completely renovated, historic Plaza Resort and Spa.
The development will consist of 374 condominium units, 66 condo-hotel units, 131 marina slips, 33,000 s/f of retail space and 731 parking spaces.
buyers, tempted by attainable prices and spectacular ocean views, are acting quickly to fulfill their dreams of owning prime beachfront property, recently enhanced by Donald Trump's announcement of a new condo-hotel resort in Baja California.
6 million for a penthouse at the W South Beach, a rare high-profile purchase at a luxury condo-hotel.
com/), a condo-hotel development currently under construction in Nuevo Vallarta, Mexico.
Arturo Francisco Diaz, Exec VP of Empresas Diaz, said the 427-room hotel will consist of a US$250 million investment in the hotel and a condo-hotel, which will be developed in several phases.
The value on paper was greater as a condo-hotel than as a hotel.
Diaz said the Fairmont project, valued at about US$125 million, will include 250 hotel rooms and 150 condo-hotel units.