BY. TJ WHITE
What could be more perfect than owning a luxury vacation home at a world class resort and receiving rental income whenever you aren't using it? Condo hotels are the newest trend in vacation home ownership. Live in it when you're there, and rent it out when you are not.
So how do condo-hotels differ from owning a traditional condominium or vacation apartment? They aren't your typical second homes.
They are beautifully furnished condominium suites in some of the most famous hotels and resorts all around the US. The properties are typically large, high-rise, luxury hotels. Prices can range from $250,000 to over $1 million for prime condo hotel properties.
When the owners of condo-hotel units aren't using their units, they have the option of placing their unit into the hotel's rental program. This is what makes the program so attractive.
While the developer doesn't guarantee the rental of the unit, by capitalizing on a hotel's name recognition, advertising, national affiliations, centralized reservation system and management expertise, most unit owners typically receive a higher level of rental income than they would from a traditional vacation home.
As part of the rental agreement, the hotel pays for most operating expenses such as marketing, housekeeping, and administrative costs. The condo-hotel owner typically pays for insurance, real estate taxes, and capital improvements.
Condo-hotels are typically large, high-rise, luxury hotel buildings operated by big names such as Four Seasons, Ritz-Carlton, Sonesta, Starwood, Hilton, Trump and Rosewood.
Each condo-hotel unit is sold to individual investors who may use their unit for a specified amount of time, and when not used the investor has the option of placing it into an organized rental program. Rental revenue is shared with the operator and helps defray the unit owner's expenses.
Unit owners are more likely to receive a higher level of rental income by being in a rental program with a recognized professional operator because of the hotel's national affiliation, its reservation system, brand recognition, and management expertise.
The original developer intends to sell the units. For that reason features are generally added to enhance the appeal of units to potential buyers. These include spas, health and fitness centers, and business centers. Many condo hotels also offer an expanded array of services such as a concierge, valet and maid service.
Most condo-hotels are located in seasonal resort areas. South Florida is one of the country's hottest markets with world-famous resorts like the Fontainebleau, the Ritz-Carlton Key Biscayne, Trump International and Four Seasons leading the way.
After analyzing a sample of 40 gulf view condominiums and 18 no gulf view condominiums it becomes evident that variations exist between the two different types of properties. When reviewing the data it becomes clear that luxurious gulf view condominiums can fetch larger selling prices and are listed on the market for fewer days than no gulf view condominiums. No gulf view condominiums fetch lower selling prices and sit on the market for longer periods of time since they are not as popular as condominiums that have wonderful views of the gulf.
47% of Marriott’s rooms are in North American Limited Service, 30% are classified as North American Full Service, and the remaining 23% of its rooms are in the international segment (Marriott, 2015). Recognizing that travelers have a range of budgetary and amenities needs, Marriott operates its properties under a variety of different brand names, 19 in total, each of which has its own “price and service points” (Marriott, 2015). Most of Marriott’s brands are at the high end of the market, which includes such widely recognized luxury brands as the Ritz-Carlton, JW Marriott, Renaissance Hotels, Bulgari Hotels, Marriott Executive Apartments, Marriott Vacation Club, Edition Hotels, Autograph Collection Hotels, Gaylord Hotels, and Marriott Hotels (Marriott, 2015). These properties often command nightly rental rates that can run several hundred dollars a night and offer a wide range of amenities well suited for both business and pleasure travelers. These properties are classified as “Full-Service.” Marriott also offers a range of “Limited-Service” brands that do not contain as many amenities and tend to be much cheaper than the Full-Service line. Examples of these properties include Courtyard, Residence Inn, SpringHill Suites, and Fairfield Inn & Suites (Marriott, 2015). Even though these properties are considered Limited-Service, they do offer considerably nicer accommodations and more amenities than other types of budget motels and hotels. In contrast to many of the other hotel brands, Marriott International does not operate any midscale, economy, or budget
... murder a tiger in the grave yard; The Kellers had murdered a man with a chainsaw. All of the children has also admitted that they had been abused by their very own parents. All of these accounts were clearly obscene and did not occur however, The Kellers were tried and imprisoned until 2012 when the Therapist denied that The Kellers actually did any of the things they were arrested for. The Therapist had to have a horrible time living with the fact that he jst ruined two people and their children’s life it’s time like these that the death penalty should be reinstated. After being released The Kellers have separated and are trying to live their lives as best as they can however, they will always remember how they were falsely accused and had to spend 21 years in prison. This has to be the worst case of Satanic Ritual Abuse to ever occur in the history of Satanism.
-the company became known for its ability to enhance a property’s value by creating unique, one of a kind properties with a small ultra-luxury residential style that differentiated it from other chain-like luxury competitors. Competitors include 2 groups of luxury hotels: corporate branded (Ritz-Carlton and Four Season) and “collections” of individually branded unique hotels (Orient-Express).
The player can increase the rent of his property by building houses or/and hotels. Building one hotel require the player to have four houses (Bernice Lott, Heather E. Bullock;, 2008).
The main objective was to foster customer retention and loyalty increasing cross-property usage. The number of multi-property guest stays should be increased to 10% from the 5% rate experienced during the last year.
According to Teagarden & Cai (2009) Chinese companies have expanded abroad for three reasons. Firstly, ‘to secure natural resources to satisfy the demand of their home costumers for raw and fuel; secondly to identify and secure foreign technology and know-how; finally, to escape home market saturation and ruthless price wars’ (Teagarden & Cai, 2009: 73). In addition, Teagarden & Cai (2009) noted that in order to become multinational firms, Chinese companies followed a pattern of four phases:
The most prestigious name in the industry, Hilton Hotels & Resorts stands as the stylish, enthusiastic and global leader of hospitality. With over 92 years of experience, Hilton continues to be synonymous with hotel because of innovative approach to products, facilities and service. They help make traveling easier with smart design, innovative restaurant concepts, authentic hospitality and assurance to the global community.
The decision of Young to rent the condominium will provide advantages in terms of security deposit and rental payments for previous months because she did not face a significant financial commitment to pay for it. If she wants to buy the condominium, large amount of down payment needed to be paid by her. Monthly sales broker fees, closing costs, condominium fees, deed-transfer taxes and property taxes should be taken into account in the cost of a condominium fees. The rental fee is more cheaper compared to the purchase of a condominium. Young also a very professional person in investment banking after completing her studies in master. Thus, if she expects to pay at a higher price in the future, this will change the ability to buy and ability to pay the mortgage nowadays. Young consider to rents because it gives her chances to make a distribution and expand its
The overall industry saw a strong boom rate from 2010-2014. The global hotels & motels industry had total revenues of $677.1bn in 2014, representing a compound annual growth rate (CAGR) of 4.6% between 2010 and 2014. In comparison, the Asia-Pacific and US industries grew with CAGRs of 6.6% and 5% respectively, over the same period, to reach respective values of $163.7bn and $166.2bn in 2014(Global Hotels & Motels 7). The reason for this growth is due to the Asia-Pacific Region and Americas. The US alone with its world’s largest hotels/market has conquered net value growth, while China has literally doubled the revenue in the same time span. The leisure segment
The terms variable and fixed costs related to a hotel are used to distinguish between those costs that have or do not have a direct relationship to occupancy.
Nowadays, engineering has been reduced to something less than simple. It’s still a hard and long process, but it has been made a lot more efficient. Smaller and smaller innovations and inventions are being made. Small, paper thin, portable microscopes, water wheels, and devices that can display yo...
Mechanical engineering is a type of engineering which applies principles of physics and material science for the purpose of analyzing, designing, manufacturing and maintaining of mechanical systems (Gorp, 2005). It is involved with the production and usage of mechanical power in the operation of various machines and tools. Mechanical engineering is considered to be the most diverse engineering and has its breadth derived from the need to design tools and manufacture products which range from small individual parts to large systems. Mechanical engineering, as thought of by scholars, is related to Aerospace engineering, Manufacturing and Mechanical engineering (Van et al, 2011).
The target market will be the intra-Philippines and international budget business travellers and value-minded tourists. Microtel will fill a growing (and as yet unmet) demand for cost efficient business travel. Currently, there is a large gap and significant fall-off in the quality of accommodation and amenities between four and five star properties with that of a consistent standard economy hotel. To some extent, the independently managed/family owned local hotels and service apartment/condotel market are largely localized and the standard of construction, finish, guest services and amenities are inconsistent.