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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Currently, the company's portfolio consists of investments in eleven hotel properties, comprising 2,838 rooms, and an interest in the Hyde Resort & Residences, a 400-unit luxury condo-hotel.
Unlike an average hotel, the units are set up as a condo-hotel style.
The largest investment ($221 million) is for the historic five-star Hotel Vanderbilt in the Condado sector of San Juan, which includes a new condo-hotel tower.
The W South Beach condo-hotel in Miami Beach has topped the 100-unit sales mark, with around 25 percent of the 408-unit project now sold as of the end of the year, according to a report from Condo Vultures.
Two studios at the controversial condo-hotel have come on the market for $1.
66 million in sales), plans to purchase the Key Colony Bay Hotel in Marathon, Florida, and transform it into a condo-hotel resort in which 72 multistory villas will sell for $1.
The Platinum Hotel and Spa opened its doors this week in Las Vegas and is just the second condo-hotel to open in the city.
We are expecting 2005 to be another strong year for our development and for Miami's marketplace in general," says William Ross, president of Estoril, the developer of Espirito Santo Plaza, a new multi-use building with 116 condo-hotel residences managed by the Conrad chain.
MIAMI -- Interval International, a prominent worldwide provider of vacation services and an operating business of Interval Leisure Group (Nasdaq: IILG), announced the affiliation of Lake Towers Condo Hotel Sustentable, a mixed-use resort with whole ownership and condo-hotel units housed in a modern tower.
Trump Soho and Rodrigo Nino, president of the building's exclusive brokerage, Prodigy InternationalTrump Soho may be less than 16 percent sold -- despite previous claims -- but city records show that the 46-story condo-hotel has succeeded in closing on its first two units, Curbed reported.
The Vanderbilt (first opened in the 1920s and shut down several years ago) and three adjacent condo-hotel towers are scheduled to open in 2011.
Miami has become the battleground for condo-hotel projects geared to the well heeled, including affluent Latin Americans either unaffected by their home countries' waning economies or seeking new investments.