Condo-hotel
From Wikipedia, the free encyclopedia
A condo-hotel or a hotel-condo is a building used as both a condominium and a hotel.
This type of residential building meets several needs that make it attractive. As development costs increase, the cost of hotel development can make developing new hotels difficult, especially in major cities. By selling the units as condos, the developer moves much of the development cost to the condo owners. By owning units that can be rented as hotel rooms, the owners are able to get a return on their investment allowing them the ability to own a residence in a resort or major city.
It should be noted that the U.S. Government is very strict about the type of advertising that can be done vis a vis Condo Hotel projects. Some condo projects have advertised themselves as "Real Estate Investments" - since the value of these condos as a real estate investment is not entirely clear - the U.S. Government currently disallows use of this reference when advertising condo hotels.
Condo hotels have been criticized in California for allowing developers to skirt laws designed to protect public access to beaches. Because such a facility has hotel rooms, it can be classified as a public accommodation, even though the majority of the units are privately held, and the facility does little to accommodate the public. [1]
While not intended as a complete list, the most popular locations in the U.S. for condo hotels include: Chicago, Miami, Fort Lauderdale, Las Vegas, New York City, and Orlando.
