The Hotel Condominium concept originated in the South American and European markets and is presently enjoying huge success in key American markets such as South Florida, New York and Chicago. The concept continues to be gaining in popularity throughout the rest of the United States as well. The state of Florida leads the nation in the creation of Hotel Condominiums and is forecasted to continue that trend.

Global Marketing Group is the expert in this increasingly popular type of residential real estate. From locating the optimal project to marketing and selling the units, GMG is fast becoming the industry benchmark for this dynamic, new element of real estate.

Below are the answers to the most typically asked questions regarding Hotel condominiums.

FAQs
Hotel Condominium Residences

What is a Hotel Condominium? What are the major benefits to an owner of a Hotel Condominium unit? Who manages the hotel and what are their responsibilities? What general amenities does the Hotel Condominium have? What are the expenses of a Hotel Condominium? When can owners use their units? How is the hotel rental program managed? How is the revenue split between the unit owner and the hotel? How are the rooms furnished?

What is a Hotel Condominium?
A Hotel Condominium offers the opportunity to own an elegant and exquisitely furnished hotel room in some of the most desirable locations in the world. Since this is a purchase, the buyer gets a deed to the property which allows the sale or transfer the unit whenever the owner so chooses. The hotel-condo buyer also profits from the tax benefits and real estate appreciation that come with ownership. When the unit owner is using the unit, access to all of the amenities of the hotel including its restaurants and spas are made available. When not in use, the unit owner can make the unit available to rent through the hotel's special rental program.

What are the major benefits to an owner of a Hotel Condominium unit?
The most important benefit is hassle-free ownership. When the unit owner, family or friends wish to use the unit, they simply inform the hotel in advance and schedule their visit. While at the hotel, they can enjoy all of the amenities and services of the hotel. When the unit is not being used, the unit owner can rent the unit through the hotel's rental program and does not have to worry about maintenance and general up keep. As mentioned above, the hotel-condo buyer also profits from the tax benefits and real estate appreciation that comes with ownership.

Who manages the hotel and what are their responsibilities?
A brand-name hotel operator manages each hotel in GMG's "Fourth Element" program. This operator manages the hotel's rental program as well as marketing the hotel, taking reservations, operating the front desk, maintaining the property and provides the services upscale hotel guests expect.

What general amenities does the Hotel Condominium have?
Hotel-condos are designed as high-end resorts. Unit owners will generally have access to valet, concierge, spa treatments, room service, maid service, world-class restaurants and more.

What are the expenses of a Hotel Condominium?
Aside from real estate taxes, insurance and a mortgage payment (if the unit owner has one), the unit owner has a monthly assessment that covers maintenance of the unit and common areas, furniture replacement, utilities plus a reserve fund.

When can owners use their units?
Each Hotel Condominium property is different but it generally depends on the hotel management agreement and the location.

How is the hotel rental program managed?
The hotel rental program is managed through a special reservation system that assigns "rotation points" to the owners units as they are occupied. This system ensures that the units with the least amount of points are the next to be rented as long as they meet the guest’s requirements.

How is the revenue split between the unit owner and the hotel?
Typically, the revenue is split 50-50 between the unit owners and the hotel operator after expenses.

How are the rooms furnished?
All rooms are elegantly decorated including a luxurious bathroom. Additionally, all rooms are equipped with flat-screen television, DVD and CD players and wireless Internet. Hotel Condominiums combine the rewards of condominium ownership with the pleasures of a world- class hotel, creating an exciting opportunity for business and leisure travelers, and
second-home owners. This represents the primary lifestyle difference between conventional condominiums Hotel Condominiums.

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