Many people dream of owning a vacation home. But often concerns about maintaining it, renting it out in the off-season, or even justifying the expense when its only to be used for a couple weeks of the year keep them from making the dream a reality. Now condo hotels, an innovative type of vacation home ownership, provide a welcome solution to all these problems.
Also known as condotels or aparthotels, condo hotels have been growing in popularity as an approach to owning a luxurious second home.
Condo hotel buyers purchase an actual condominium unit in an upscale hotel or resort. The property functions as a full-service hotel, and owners have access to all facilities, amenities and services just like hotel guests.
They receive a deed to their unit and can use their vacation home when they want. When not in residence, they can place their unit into the hotels rental program and share in the revenue it generates. Like most real estate investments, the owner can also sell his condo hotel unit at any time and may make a profit on its appreciated value.
Young professionals, baby boomers and seniors alike are just beginning to discover the benefits of...
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