|
|
|
|
|
The condominium hotel concept, which began in Europe in the late 1950s, combines the rewards of condominium ownership with the privileges of a world class hotel. Once popular only in well-established resort markets such as South Florida, Las Vegas and Mexico, today, condo-hotels can also be found in Central Business District locations including New York, Chicago, Los Angeles, Boston, Washington D.C., Seattle and San Francisco.
In a condo-hotel, a buyer makes a fee-simple purchase of a deeded condominium unit/guestroom. When not occupying the room, the owner may make the unit available to guests at the hotel through a rental management program or a leaseback program.
Room revenue that is generated through the hotel rental program is shared between the unit owner and the developer/managing partner. The condominium can be sold or transferred at any time.
Condo-hotels, which are often managed by the hospitality industry's premier operators, such as Kimpton Hotels, Hard Rock Hotels, W Hotels, Kor Hotel Group, Ritz-Carlton, and Starwood Hotels & Resorts, are transparent to hotel guests.
They provide a host of tangible benefits for condominium owners including a deed to a physical room, an opportunity to utilize a 1031 tax-deferred exchange and access to all hotel amenities and services.
Owning a condominium unit not only creates an exciting opportunity for business executives, leisure travelers, second-home owners or suburbanites looking for a city retreat, but it is also attractive for non-traditional real estate investors.
|
Miami Beach and even more its trendy South Beach can arguably be considered as the world condo-hotels' capital.
It is actually difficult to list the South Beach condo-hotels apart from the Miami Beach condo-hotels.
Since the Setai South Beach (which offers a hotel, condo-hotels and condominiums luxury residences) started to push South Beach's frontier up North, it is becoming very difficult to establish a solid line.
With the arrival of the beautifully designed masterpiece W South Beach Residences, then one block North the Stéphane Dupoux' designed brand new Gansevoort South Beach Hotel Residences, offering hotel suites, condo-hotels and luxury condominiums, South Beach is establishing a new hot spot in Miami Beach.
Time will tell how the fourth Ritz-Carlton in the Miami area, the Ritz-Carlton South Beach Club and Residences will integrate with this new South Beach Arts District, with the Fontainebleau condo-hotel not too far.
Then for once on Biscayne Bay, the Mondrian South Beach Condo-Hotel Residences is establishing a hot spot for the Morgans Hotel Group, who will export they special Delano's touch to the Bay side of South Beach.
The Mondrian South Beach Residences will be the first and only condo-hotel facing the Bay.
Up north is arriving another revolutionary new concept, the Canyon Ranch Miami Beach Condo Hotel, touting an interesting mix of condo-hotel, luxury residences, and a healthy living experience.
This is a very unique concept that will be a destination in its own.
|
Miami condo-hotels' history started with the Fortune House and The Mutiny a few years ago.
However, since these condo-hotels were built, the developers decided to target a definitely more upscale clientele, with business-oriented condo-hotels harboring prestigious brands like the Four Seasons, Conrad Hilton or Viceroy Hotels.
The Four Seasons Condo Hotel Miami Brickell is actually the tallest building in South Florida. Its striking architecture is visible from everywhere, and give a good indication of the level of service and amenities you will find at this paramount of luxury.
The Four Seasons Condo Hotel Miami Brickell offers condo-hotels, hotels suites, luxury condominiums residences as well as offices.
His alter ego the Conrad Hilton Espirito Santo Plaza Condo-Hotel Miami Brickell is also a very upscale destination, right in the middle of Brickell, the second international banking hub after New York.
There also you will have condo-hotels, hotel suites and luxury condominiums residences.
The Four Seasons Condo Hotel Miami Brickell and the Conrad Hilton Espirito Santo Plaza Condo-Hotel Miami Brickell cater to a business clientele, and can be purchased by a company having frequent executives staying in Miami, or by everybody who want to enjoy the best that life can offer.
A future new addition will be the brand new Viceroy Condo-Hotel at Icon Miami Brickell, designed by the always talented Philippe Starck and built by The Related Group.
And we will not forget the very charming and intimate Mayfair Coconut Grove Condo-Hotel, with its luxury atmosphere right in the heart of Coconut Grove.
|
|
|
|
|
