What is a Condotel? Is it a condominium? Is it a hotel?
Well its a combination of both. Its also one of the hottest types of investment properties around the world and now available in Philippines.
Pacific Concord Properties Incs Lancaster Suites in Metro Manila is a condo Hotel (Condotel) in Shaw Boulevard close to the Ortigas Center. Scheduled for opening this year, prices at Lancaster have appreciated very rapidly, almost 100% in the last 3 years.
You buy a condominium as a vacation home within a hotel type property and the condominium is rented out by the hotel when you are not there. Many condo hotels have superior amenities like spas, health and fitness centers, restaurants and business centers. The Lancaster Suites is also set to provide an expanded array of hotel services such as valet, concierge and maid service.
Condo hotel unit owners can receive revenue from participating in the condo hotels rental program, helping to offset their ownership expenses and the surplus resulting in a annual return on their investments. The operator of the rental program, in exchange for a 40% share of the revenue, markets the units as a hotel, takes...
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