condotel

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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A condotel is a term coined to mean a condominium with hotel units and facilities.
PT Jababeka Morotai, a subsidiary of PT Jababeka Tbk, has officially launched its first condotel product located in the Morotai Special Economic Zone under the name of D'Aloha Loft Studio Apartment.
Parc Place Development, LLC, a BEB Real Estate company, has sold 30 luxury condotel units and two retail units at The Boulan South Beach in Miami Beach, Florida to Second Avenue 1355 Realty, LLC for $25 million.
Once completed, it will have a total of three residential condominiums, a condotel and commercial tower that will be placed around the community clubhouse.
Launched in December 2012, Shiki Niseko is a luxurious maiden landmark condotel in the village of Hirafu.
Serviced condo or condotel units are now turning out to be good buy-to-rent property investments.
PT Gapuraprima Tbk (Gapuraprima) will operate in 2014 Hotel Best Western Premier Bellevue in Radio Dalam area of South, Jakarta, Gapura Prima Hotel at Jalan Gatot Subroto in Jakarta, Bellevue Place MT Haryono Condotel at Jalan MT Haryono in Jakarta, Bellevue Nusa Dua Bali Condotel in Bali, Belmont Kebon Jeruk Condotel in Jakarta.
Discover Motels pioneered the condotel space in India and is currently expanding it's network to 3 properties in Sri Lanka and one each in Alibag, Coimbatore, Mangalore and Chickmangalure.
But tourism's economic pain is also being directly felt by people who dabbled in a unique type of real estate that was hot several years ago N the condotel.
That's the idea behind the new Sea Spray condotel, currently being marketed through Prudential Palms Realty.
CONDOTEL CALIFORNIA The latest city to succumb to the "condotel" craze is San Diego, with dueling projects from industry-inspired nightclub restaurants House of Blues and Hard Rock Care.
William McLennan, 40, was discovered on Saturday by staff at the Chiang Rai Condotel in the country's northern province of Chiang Rai.