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Not all condominiums are created equal. Some are best suited for full-time residential use, while others, such as condo-hotels, appeal to those seeking a vacation-home investment in a luxury resort setting.
This opened up new possibilities for owners who wanted to spend a few weeks each year in the resort but couldn’t justify owning a vacation home for such limited usage. With the advent of condo-hotels, they could achieve the dual benefit of enjoying their vacation home—even for short periods—and of realizing a reasonable income from it during times when they were not in residence. Moreover, by allowing a management company to handle the affairs of the property—renting units out to short-term guests and arranging maintenance—they were freed from the encumbrances typically associated with owning rental property. These are typically larger, residential-style accommodations that are well suited to families or small groups. The model makes good sense on many levels. “[For buyers] it’s a solid financial and lifestyle move,” says IMI Principal Dan Collins. “Income derived from the rental of the unit works toward offsetting your cost.” Additionally, owners typically use the property for two to four weeks a year, while renters enjoy the convenience of booking the residence through a central reservations system much like a hotel room. Hotel and resort operators generally manage the condo-hotels and share rental revenues with the owners. “It works for everyone, benefiting all parties,” Collins says. Of course, these are not run-of-the-mill business hotels, but rather refined, high-end properties found in some of the most desired mountain and beach resort areas in the world. American and Canadian ski areas, and Caribbean and Mexican beach resorts are especially hot right now. Amenities usually include unique living areas, spectacular master bedrooms and baths, plunge pools, oversize terraces, extensive free-form resort pools, fine dining and lounge facilities and more. Imagine being able to purchase a residence at your favorite resort and you will understand the gist of modern condo-hotels. Location, Location, Location“Location is key,” Collins says. For skiers, the location of a condo-hotel is vital, more important than the design of the unit itself, he says. Access to the mountains, restaurants and nightlife is the priority, while with coastal and beach properties, golf, fishing and water sports remain king. Reunion Resort & Club in Orlando is a good example of a community that combines great location, tremendous efficiency and superb amenities. Rather than packing your family into a small hotel room at Walt Disney World, owners and guests at Reunion can spread out in a spacious residential-style unit for a comparable price. Consider that a 434-square-foot room at Disney’s Boardwalk Inn usually costs about $289 per night, while a one-bedroom villa at Reunion, measuring approximately 730 square feet, typically costs about $235 per night. “Plus, at Reunion, you can relax at the pool, ride horses at its world-class equestrian center (coming soon) or play a round of golf on an Arnold Palmer or Tom Watson Signature Golf Course,” Collins says. “And Orlando’s renowned theme parks are just minutes away.” If your idea of a good location is getting away from it all, Viceroy Anguilla will be the ideal setting when it opens in 2007. Positioned on a bluff overlooking two exceptional crescent beaches of the Caribbean, this oceanfront resort is the ultimate in luxury. It’s remote and idyllic for relaxation, yet it offers all the luxurious modern touches. Owners and guests enjoy a full-service spa and fitness center, fine dining and access to private chefs, tennis and sports courts and a kids’ club, not to mention world-class accommodations that range from suites to four-bedroom villas with plunge pools. Sip your morning coffee and plan your day on the terrace while staring out over gentle cobalt-blue water. Attracting the Right RentersBut what about the fear that renters will not care for your property the way you would? Good question. If you’re not using the condo, it’s important to remember that folks who can afford to stay at these upscale resorts will. “The point is,” Collins notes, “a customer who spends several hundred dollars a night for a four- or five-star experience is the demographic you want renting your property. These guests will treat the home as if it is their own.” Most condo-hotel developers and marketers recommend purchasing as early as possible in the construction process—pre-sale, if that is an option. As sales move forward, price points rise, and there’s more of a premium and investment in “up-fit,” Collins says. Customers continually expect more upgrades and amenities as prices increase, which may make it cost-prohibitive at some point. And prices do vary from project to project. Whether you’re empty nesters or your kids are in tow, those seeking a potent combination of lifestyle and financial prudence may find a viable option in condo-hotels. With the advent of condo-hotels, they could achieve the dual benefit of enjoying their vacation home—even for short periods, and of realizing a reasonable income from it during times when they were not in residence. Make Your Reservation TodayA perfect model of a condo-hotel community that has been created with excellence in every dimension is The Club at Hammock Beach, developed by the Ginn Clubs & Resorts team. Situated on some of northeast Florida’s most pristine beaches in Palm Coast, Hammock Beach boasts a staggering array of amenities and natural beauty, making it ideal to accommodate vacationers and long-term stays. Here’s why: A FEW OF THE AMENITIES
OVERVIEW OF SUITES
The Club at Hammock Beach consists of five types of finely appointed suites:
Current rental rates The nightly rates for The Club at Hammock Beach suites are:
Resort fee advantages A 9.75 percent resort fee added to the rental affords:
CLUB MEMBERSHIPS
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The latter is part of a burgeoning trend that began more than 15 years ago when developers of prominent ski resorts, in need of creating new real-estate offerings within core ski village areas, developed the condo-hotel concept: an innovative vacation-home product that allows owners to derive rental income as well as enjoy personal usage of their resort home.