• As Investments
• Condotels Rental Policy
• Condotel Fractionals
• Condo Hotels vs. Traditional Condominiums
• Converting Existing
• Living Restrictions at Condo Hotels
• Personalizing Your Unit
• Renting Out Your Unit
• Management Company
• The Appeal of Connecting Condo Units
• Condo Hotels- Who’s Buying and Why?
• How Condo Hotels Rental Programs Work
• Florida Condos
• Press Release

Selecting A Condo Hotel Management Company

When selecting a management team for any investment, it is imperative to choose the one best suited for the project. Deciding who will manage a condo hotel requires careful analysis since the owner-manager relationship is designed to be a long-term commitment.

For stress free operation of condo hotel units where each unit is owned by different individuals, a proper management contract must be in place and ground rules set. Managers are often a third party with years of experience in managing room rental and maintenance in the hotel industry. In fact, the industry is steadily shifting towards offering management opportunities to third party professionals with national affiliation, allowing individual unit owners less stress and avoiding potential interference to other owners in the operations of the entire hotel.

However, to avoid being in violation of securities laws, investors in units are given the option of choosing a management team that is not directly related to the hotel franchise or developer. Investors must seriously consider this option with caution, as it can often prove counterproductive for the owner if trying to maximize his or her rental income.

When placing each condo hotel unit in rental programs, the unit owner and management company must first sign an agreement. The agreement normally details:

• Management fees
• How revenues are split
• A usage agreement between operators and owners

To oversee maintenance and repairs for common area shared between condo hotel unit owners and collect any dues owed for each unit, a Homeowner’s Association is usually put in place. The function of the Association is to help management regulate the collection of fees for operating costs such as utilities and property insurance.