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.
This luxurious modern high rise condo complex has fully furnished units ready for new owners! Vdara is located in City Center Las Vegas which is called the center of the Las Vegas Strip. dozens of restaurant, clubs, theaters and bars will keep you entertained all day and into the night.
MGM Signature of Las Vegas is a large project developed by of course MGM. The Signature is attached to the MGM Grand Hotel via an enclosed walk way. These condominiums are considered Hotel Condos. A Hotel Condo product is perfect for a buyer looking for a vacation property to use in their free time but not have the headache of maintaining it. When you own a condo in the Signature you may use it as you please and when not in town owners may place it in the hotel rental pool for the front desk to rent it out. Not only do you have a condo in Las Vegas you also have a full time staff that can make the unit produce capital to maintain the unit for you.
The Platinum Condo Hotel project by The Strip is a boutique project offering buyers the ability to own a hotel room they may use at any time and when not in use be placed in a rental pool program managed by the front desk. The tower has a great location close to everything and buyers feel the price point can fit anyone’s budget.
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.”
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.
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.
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.