Defining a condotel for financing
Jim Pendleton - MrCondotelTM -
condotel financing expert.
What is a Condotel?
By definition a condotel is a condominium unit which is normally located within a hotel. The basic unit may have some or all the benefits and amenities that a normal hotel offers.
They are in large part individual financing unit owners, although sometimes units are joined into duplex arrangements. The other superiority is, a rental pool is usually established, so that when the individual unit proprietor is not occupying the unit, it can be rented out to regular hotel guests. This revenue would generate rental incomes for the owner, which is used to offset the costs associated with ownership financing and cost of common fees. So the cost of ownership is
usually a positive cash flow experience for most condotel financing.
Condotel financing is an experience in itself. and most of the unit owners love the fact that they own the
hotel room with none of the day to day responsibilities.
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