Tuesday, June 26, 2007

Condo hotels

I first came across the phrase Condo hotels a few months ago, when I discovered it meant hotels where you buy a piece of the property in the same way as you’d buy a condominium (or a dockominium, for that matter – great word, dockominium!).
To explain in a bit more detail. A condo hotel is one where you have all the perks of a proper (and upmarket) hotel coupled with the convenience of a condo. (Or a docko – a floating hotel would be the equivalent: LOL). Condo hotels have reservation systems just like ordinary hotels, and the staff are on duty round the clock. When someone else uses the room in the hotel, the owner of that part of the hotel receives revenue (it varies from hotel to hotel, obviously). This money can be used to offset the cost of the property or any other fees the owner might incur.
The other important factor is that of investment. Some people who’ve bought into condo hotels have seen their investment rise enormously. The whole idea has that ring of lateral thinking about it: taking two somewhat unrelated items and pulling them together to see if the connection offers something new in the creative thinking field. Obviously in this case it has!
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