Condotels

I simply love Condotels!  You buy the condominium and it feels like you’re living in a hotel.  The people in the lobby are rushing in with their suitcases and all the commotion.  It makes it feel like you’re constantly on vacation. What I love most about it is the room service.  When I get hungry I call the restaurant downstairs and they bring food up to me in a matter of minutes.

Condotels started picking up steam in the late nineties.  Today they’re everywhere.  The condo-hotel experience is great because you have the best of all worlds. You have the comforts of condo living in which you own the space.  You can bring guests, decorate any way you want, rent it out if you’d like…it’s yours. And you are in a unique situation in that you can also have the hotel rent out your condominium when they get filled up.  The hotel business has a certain amount of units that they will rent out daily.  Depending on the area of the condotel, many of the units could be occupied and the need for more units can be strong.  If the building is in an area that has many convention meetings and people flock to the area often in huge numbers, hotels can be overbooked. This is a great opportunity for the condominium owner to cash in on renting their unit out daily.  As with a hotel, the daily charge for a room is much larger than a monthly rental.

How does the renting of your condotel work? If you wanted to participate with the hotel management in this program, you would be on a list of available units to rent out when the need arose for the hotel part.  If they were booked on an evening and a customer came in to rent a room, they would have a list of unit owners that would allow for hotel rental for the evening.  There are condo unit owners that like this and are on the list and then there are some owners that would never rent their condo in a million years. They bought the unit with intentions of it being their home and would not want it rented to no one.

So for some it’s great, for others renting your condotel is why you even bought the condo in the first place.  If you’re interested in learning much more about condotels and would like to be referred to a company that specializes in condominiums, the best place to call is “OwnACondo.com” at 630.812.2700. They have over one hundred Realtors dedicated to servicing all your condominium needs.