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Condo-Hotel

FAQs

What is a condo-hotel?
A typical condo-hotel combines traditional condo ownership with modified hotel amenities and services. Condos are sold to individual investors who are free to use their property as a vacation home. Condo owners have the opportunity to generate rental income through the short-term on-site rental program. The property management company functions as a traditional hotel operator and manages the on-site rental program for each individual condo owner.
What are the benefits?
Condo owners enjoy turnkey vacation home services and the ability to offset the cost of ownership via the on-site rental program. Luxurious hotel amenities and services attract owners and guests alike and encourage repeat business.

 

How does the rental program work?
The property management company is responsible for costs associated with marketing, guest reservations, front desk services and housekeeping.

Owners are responsible for condo furnishings, fixtures and equipment, utilities, real estate taxes, insurance and Condominium Association fees. The Condominium Association, through its management company, is responsible for the security and operating expenses of the amenities. Owners have the right to resell their condo at any time. All rental activities must be managed by the on-site property management company.

How is rental income divided?
Lakeside Lodge owners receive 60% of rental income for their condo units. Funds are dispersed on a monthly basis along with a detailed owners statement. The property management company receives 40% of rental income and a processing fee paid by the guest. Rental income is never pooled.

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