Condotels anyone? |
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I recently finished reading this article on a relatively unknown type of real estate that is starting to gain popularity. Basically it works like this... You buy the hotel room as if it's a condo. You can stay in that room whenever you want. Alternatively, you can release the room back to the hotel for a split of the proceeds when it's occupied. The rules seem to be different for each property, but that's the gist.
It seems tempting to be a landlord and an hotel owner without having to do any of the maintenance. I'm going to look in the to W hotel in Las Vegas. It seems to be a premium hotel in a premium location. Still I'm not sure how the numbers work out. I'm guessing they won't. Even if they did, I'm not sure how I'd raise the funds for such a property.
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