The Condo Hotel Craze
What started in strictly resort areas is now branching out into
all major metropolitan areas. Most of the larger worldwide hotel
chains now sell condo hotel residence.
Much of the condo hotel market in the U. S. started in Florida.
The residences there command 600,000-800,000 for a studio. I
bedrooms start around $750,000. $1,000,000. 2 Bedrooms Start
over the 1,000,000 price range.
These permanent residences feature all the furnishings and
amenities of a luxury hotel -- such as world-class restaurants,
24-hour concierge, security, valet, housekeeping, and room
service.
Joel Greene of the Condo Hotel Center says a rental option
provided by the condo hotel management company allows owners to
receive a portion -- often about 50 percent -- of the rental
income of their specific unit when away.
Taylor says developers favor waterfront, mountainside, and
downtown areas with strong demand for upscale lodging. Myrtle
Beach, S.C.; South Florida; and Las Vegas have fast-growing
condo-hotel markets that favor high-end travelers and boomers
looking for a high-amenity pied-