Condotels

A condotel is a condominium project that is operated as a hotel with amenities such as a registration desk, cleaning service and more. Unit owners also have the option to place their unit in the hotel's rental program where it is rented out like any other hotel room to paying guests.

Condotels can be used as primary residences but they are investor friendly providing ease to maintenance issues that may arise.

Condotels are structured as condominium projects, with individual unit owners. The difference is that unit owners can arrange short-term rentals of their units to paying guests, which is further accommodated by full-service staff and amenities such as a check-in desk, housekeeping, and concierge services.

The unit can be used by the owner as a vacation home for personal enjoyment. Many condotels are located in large cities and tourist destinations. Hotel and resort companies develop most condotels and position them to be attractive to travelers. The property will likely include amenities and features that are common at traditional hotels. This could include access to athletic resources such as tennis courts and swimming pools.

There are pros and cons to condotel ownership. When the unit is rented out to travelers and visitors the rental income can offset ownership expenses. The management for the property will take care of the rental process and will claim a percentage of the rental payments. The rental income may be split evenly between the owner and the management company or the balance may favor the owner.

Call Patrick at 773-354-3135 to get more details on how you get in on this amazing investment.

(source: https://www.investopedia.com/terms/c/condotel.asp)