What are the benefits of owning a condo hotel residence?
Unit owners at a condo hotel have a luxury vacation home in a first class location at their disposal. Owners who opt to place their units in the property’s rental program receive revenue to help defray expenses of ownership such as, mortgage payments, HOA fees and taxes. Trump condo hotels offer attractive services and amenities such as expansive pool areas, housekeeping, concierge services, spa facilities, state-of-the-art health and fitness centers, world-class dining, valet, business centers, and more.
What are the advantages of having the on-site hotel operator?
Hassle free, revenue-producing home ownership is provided as a result of having the on-sight hotel operator. In exchange for a share of the revenues, the hotel operator uses its professional expertise to manage and operate the hotel, market the residences as a hotel suite within and outside of its existing database, take reservations and oversee property operations. The hotel operator handles maintenance and upkeep of the actual residences and common areas.
What is a typical rental program agreement at condo hotel?
Condo hotel rental programs are designed to be very attractive to unit owners. The hotel’s operator prefers that you participate in the program. The result is a program that will entice unit owner participation where the potential for revenues is considerable. While, there is no standard arrangement in condo hotels, applications are often similar in many condo hotel rental programs; unit owners are responsible for the same expenses which are typically incurred by condominium ownership. They are, mortgage payments (for those financing their properties), monthly homeowner’s association (HOA) fees, property taxes. Other indirect expenses, or, expenses that are deducted from the unit owner’s share of the revenues, often include, reserve for furniture replacement where necessary, fixture maintenance and overall unit upkeep. Travel agent commissions and credit card fees will normally be split amongst unit owners and the hotel’s operator. Hotel operating expenses are typically paid for by the operator. They include housekeeping, administration, personnel, advertising and marketing.
Will my unit be rented less or more than other units in the building?
In any Trump condo hotel, the rental pools are evenly distributed. This means that all of the units are placed in an evenly distributed program so that each unit within a given property is rented out as many times as all others. The only instance, in which your unit may be rented out less than another, would be if your usage of your residence is more frequent than others.
Can condo hotel unit owners rent out their units themselves?
Yes, at nearly all condo hotels, unit owners may rent out their residences outside of the hotel’s rental program. Doing so however will offset the major advantage of owning a condo hotel residence, which is hassle-free ownership. Moreover, unit owners are more likely to earn an increased amount of overall revenues by participating in the hotel’s rental program.
Where can you find condo hotels?
Condo hotels are either operating or being developed in New York, Las Vegas, Honolulu, Miami Beach, Fort Lauderdale, Chicago, Mexico, Dubai, Panama, Toronto, Dominican Republic and Seoul with more expected in the near future. The majority of condo hotels are built in desirable locations generally defined as resort destination areas. These areas are typically located in a close proximity to oceans and other large bodies of water, golf courses, major attractions, theme parks and are typically located in or near major cities with easy access to airports.
PRODUCT UPDATE: Alpine Mortgage has suspended our condotel loan program. We will update this page when we are accepting applications for this program.