CONDOTELS (CONDO-HOTELS) – New Hotel Phenomenon Set to Sweep the Philippines
Interest in the Philippines condominium hotels sector has increased significantly in the past two years following many years of intermittent development and association with other shared ownership vehicles, says Beth Collingz in her recent report: ‘Condominium Hotels-The Philippines Latest Hotel Phenomenon’
Beth Collingz, Overseas Marketing Director, Investment Sales for PLC International Marketing the lead marketing partners for Pacific Concord Properties Inc’s Lancaster Brand of Condotels in the Philippines explained: A condominium hotel is a hotel operating unit which is sold to individual equity investors, where each owner acquires a room, suite or studio whilst the whole enterprise is managed as a hotel operation under a single brand.
Buyers own their units the same as regular condos. There is no time limit to ownership. All Condos come with freehold title deeds. The Condotel model is similar to the serviced apartment or apart hotel sector and is suitable for an investor who wants to test the water in hotel investment.
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