“Welcome home, Mr. Waun,” said John, our doorman, as he led Susan to the desk. “Mr. and Mrs. Waun are some of our inn owners” as we check into our second home.
As condo hotel owners, we enjoy our cabin/condo and all the luxury amenities of a 4-star resort hotel on Lake Michigan without any of the hassles of ownership or rental. In fact, because of the rental income, we were also able to purchase a third home/hotel condo unit in Miami for the winter months.
“We use our condo when we want to, and the professional hotel management rents it out when we’re not in residence. All maintenance issues are handled and all utility bills are included in our monthly condo due. Best of all, we have checks (based on room occupancy) to offset our mortgage and tax expenses,” says Nick Wuest of his experience as a condo hotel owner.
The condo hotel is just one of several new forms of second home ownership that are beginning to gain popularity among second home buyers. Could it be the Monopoly phenomenon? In the Monopoly board game, to win you must swap all your houses to get a hotel. Wealthy families have always owned hotels and resided in the luxurious lifestyle they provide. In the early 1980s and 1990s, “condo-tels,” as they were known, became popular in large part because of the tax benefits they offered investors. When the tax benefits disappeared, many projects were scrapped and the trend died out. Today, Baby Boomers looking for alternative second homes are ‘recreating’ this trend again, and today’s condo hotel is much more upscale than yesterday’s investor version.
“The 21st century version of a condominium hotel is a 3-5 star luxury hotel in prime second-home locations with world-class amenities and luxury,” says Jason Hockman of The Falor Companies, one of the leading developers. of condominium hotels in the United States with 11 projects underway. conversion in 2006, “our buyers are wealthy individuals who can afford a traditional condo but prefer to have a hassle-free vacation home experience, the condo hotel is perfect.”
The first phase of condominium hotel projects emerged in Miami and South Florida, but today projects are being announced in nearly every key second home destination, Orlando, Vegas, Chicago, New York, San Diego, Sausalito, Scottsdale, San Antonio and even South Bend. have condominium hotels. The best part is with the condo hotel, you don’t have to select just one place, buy two: hotel reservations will help you pay for your second home(s).