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Hotel News
Condotel.biz offers the latest condo hotel articles and real estate investor news to help potential investors research real estate investing and condo hotels. Find out what the media is saying about condo hotels.
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One of the hottest growth areas in the hotel industry is condominium hotels |
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For some time in resort destinations like south Florida, condo hotels now are taking root in urban markets like Chicago, Los Angeles, New York and Washington.
 David Neff, H&MM Columnist
You can hardly turn the pages of the trade press without reading about another project in the works by some of the leading hotel developers like The Falor Cos., which is converting more than half a dozen hotels and office buildings into condo hotels. Favorable publicity for condo hotels has been fostered by "The Donald" getting into the act with his proposed Trump International Hotel Tower in Chicago.
Yet, despite the buzz around condo hotels, many people still do not know exactly what they are. From both an owner and consumer standpoint, condo hotels fall somewhere between a hotel and a timeshare. A condo hotel is operated as a hotel, often with the usual amenities you would expect to see in a first-class hotel. However, some, if not all of the units, are owned by individuals. Individual owners have the option of staying in their units or renting them out to guests.
The benefits to condo hotel owners are numerous. They get to stay in a hotel instead of just a residential condo, with all the amenities a hotel has to offer. There is the possibility that their unit will appreciate in value, they might be able to deduct mortgage interest and real-estate taxes paid on the unit (and perhaps other costs such as utilities and depreciation) and can collect rental income to help defray expenses.
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