Condotel FAQ – Las Vegas High Rise Condos
What is a Condotel?
A condo hotel also known as a Condotel is a high rise condo tower that is operated as a hotel. It has a front desk, room service, maid service and more! All of the condos/ hotel rooms are owned by individual owners. Each owner has the option of placing their unit in the rental pool where it will be rented and maintained by the hotel management.
Condotel owners in Las Vegas are usually on a 50/50 split with the hotel management staff. The management will handle pricing the unit, marketing, renting, taking payments, processing guest checking in and out as well as general maintenance on the unit among other things. When you are an owner of a condotel in Las Vegas you have full ownership of the unit just like any other high rise condo. The benefit of owning a condotel over a traditional high rise condo would be the ability to use the unit any time and when you are not using it the unit has the ability to generate funds to cover its own overhead.
How much can I make?
The top question from buyer tends to be “how much is this going to make me?”. It is a great question with a complicated answer. In short we do not know. The potential revenue of your hotel condo depends on a multitude of factors that can not easily be quantified. What we can say is many owners have told us “We are happy with having the HOA and taxes being paid by the proceeds and anything extra is a bonus. You can not beat having a condo in Las Vegas that pays for itself with us doing nothing and we can use it any time.”
How do I know my unit will be booked fairly?
Another great questions! Each tower implements a computer driven algorithm to place guests in available units. The algorithm looks at how many days each unit in the tower has been booked and keeps all of the units as equal as possible. The only way this can be changed would be if the guest requests a specific room or view when checking in at the front desk.
What is the typical room rate?
This can change at any time due to the nature of Las Vegas we have many large concerts and conventions that come into town. The best way to look at the pricing would be to pretend to book a room for yourself to see what is being shown to the public as a room rate.
What if something gets damaged?
Each hotel condo will assess the room after a guest checks out and in the event that something is damaged the renters credit card on file will be charged to cover the damages. If the credit card does not cover the total amount each unit has a repair fund that could be used to fix items in the unit. This separate fund is funded by part of the profit your condotel produces regularly.
Below is a list of Condotel Properties in Las Vegas.
Vdara Condos for Sale
AAA Four Diamond Award and Forbes Four-Star Award-winning Vdara is an internationally inspired non-gaming, smoke-free, all-suite, eco-friendly boutique hotel and spa offering a new level of sophistication. -As a note the photo above was taken from a unit in the Vdara which is for sale as of this post. Here is a link to the unit.
Trump Condos for Sale
The Trump Las Vegas International Hotel and Tower is 64 stories high and located at the cross roads of The Strip and Fashion Show Boulevard. The gold tower offers all Hotel Condominiums in addition to a health club and spa, a five star restaurant together with the finest amenities.
Palms Place Condos for Sale
Palms Place is connected with the Palms Hotel. Being apart of this large properties offers on site clubs, high end restaurants, bars, shopping and a movie theater. Owning a Condo in Palms Place offers many activities just an elevator ride away.
MGM Signature Condos for Sale
MGM Signature like Palms Place is attached to a large Casino, The MGM Grand. The MGM Signature offers a Spa, Pool area, Restaurant and Starbucks coffee on the main floor. The Signature also is attached to the MGM Grand via an indoor walkway.
The Cosmopolitan Condos for Sale
The Cosmopolitan is the end all be all of Condotels/condo hotels in Las Vegas. This property is the hottest property on the Strip. Finding a unit for sale is almost as impressive as finding a unicorn. Only 17 of these units are owned by privet parties and the balance is still owned by the hotel with no plans of making the balance of the units available for sale. Make sure to bring your check book these units do not go cheap.
Platinum Condos for Sale
The Platinum is just a block off the Las Vegas Strip in a central location. The property has a nice modern bar, a restaurant and an inside outside pool deck. The units are very affordable and larger then most condo hotel units. Keep in mind with all other condo hotels the owners may live in them full time if they chose to. With The Platinum you may only use the unit 60 days a year. All other days it must be in the rental program.