Condo Hotels FAQs

 

Author: Tara Peterson

May 14 , 2007

 

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How are the condo hotel units furnished?

In order to ensure and maintain the proper standard of your condo hotel, your unit will come completely furnished.  In 4 and 5 star condo hotels, the furnishings will be of the highest quality. State-of-the-art technology is also generally included with flat-screen TVs and wireless Internet access.

 

 

 

 

 

 

Can owners furnish their own condo hotel units if they wish?

Almost all condo hotel units are purchased fully furnished. If the condo hotel unit is put into the rental pool, then the owner must comply with the hotel’s interior design and furnishings specifications as outlined in their rental management agreement. If the owner has the option of not putting their unit on the rental plan, then they may have the ability to furnish their unit in any manner that they see fit.  Of course, an owner is always free to bring any personal items with them while they are staying in their unit.

What are the differences between references to “suites” and “residences”?

The exact definition of these terms varies from development to development.

 

Some condo hotels will contain units that are purely for short-term stays and some that can be occupied on a year round permanent basis.  The units that have restrictions on long term residency and only allow short-term stays are sometimes called “suites” and the units which allow year round residency are sometimes called “residences”.

 

However, other developers will simply use the terms “suites” and “residences” as a matter of describing unit size and have no reference to short or long-term residency.  For example, some developers will label the smaller units “suites”, like studios and one bedrooms and they’ll label the larger units “residences, like two and three bedrooms.

 

 

What property do I own?

Generally, your ownership interest in a condo hotel unit is confined to the space bounded by and contained within the finished interior surfaces of the perimeter walls, floors, ceilings, windows, and doors of your condo hotel unit.  In some cases, you may also own an undivided interest as a tenant in common in the common elements of the project (i.e., the land, the pool area, the building and the grounds and landscaping).

 

 

Would I be an owner of the front desk, parking garage, spa, and restaurants and be responsible for their operations?

No, those portions of the project will generally have their own separate title and will be controlled by the developer or a third-party who will sub-lease them to operators in those specialty areas.

 

 

Can I remodel or make changes to my condo hotel unit?

Structural or architectural changes to the condo hotel units must receive prior consent by the Board of Directors. If the condo hotel unit is rented, the owner must comply with the hotel’s interior design and furnishings specifications.

 

 

As an owner, what do I have access to when I am in residence?

All of the amenities on the property are available to you as an owner. Additionally, you typically have complimentary access to the fitness center, pool, front desk services, concierge services, valet parking, room service, and wi-fi high speed Internet.  Additional A la Carte services like maid service and laundry service are also available to owners of most luxury condo hotels.  In many cases, you’ll likely get VIP first-in-line privileges to restaurants and bars within the hotel.

 

 

Will there be special assessments?

It is anticipated that the budget and reserve funds collected in the monthly Home Owner Association (HOA) dues should cover the operating and capital expenses for the Association. In the event that a special assessment would be necessary, it would be subject to certain HOA membership approval requirements. The Board of Directors would have the authority to increase the reserve funds or levy special assessments if the regular assessment is insufficient to cover Association expenses or for capital improvements.

 

What about insurance?

In most cases, you will be individually responsible for contents and liability insurance for your condo hotel unit. If you rent your condo hotel unit, liability insurance for your unit will be obtained by the hotel manager and paid for as part of the rental operating costs.  Generally, the HOA is responsible for securing coverage for fire, casualty and earthquake, public liability, and property damage insurance, director’s and officer’s liability insurance, and additional insurance and bonds for the common areas.

 

 

Can I have a pet?

Each condo hotel has its own rules on this matter.  By and large, most luxury condo hotels do not allow pets unless they are needed for medical or special assistance.

 

 

Do I have a parking space?

Most condo hotels have Valet parking that is available to everyone; and is complimentary for owners. Daily tipping is not required.  If the condo hotel has full time residents, then those owners will likely have the opportunity to leave a car on property full time. It is common for owners to be assured of at least one parking space while they are in residence.

 

As an owner, do I get daily maid service or other services?

As you can imagine, this varies from development to development.  Some condo hotels provide a multitude of services free of charge.  In others, owners have the ability to customize their stay based on personal needs, by choosing from various A la Carte services for a fee, like daily housekeeping, towel service, turn-down service, departure cleaning, pre-arrival grocery shopping, etc.

Continue to "Condo Hotel Conceptual Overview" »

 

COPYRIGHT © 2007 PREMIUM CONDO HOTELS - NO PART OF THIS ARTICLE MAY BE REPRODUCED WITHOUT THE EXPRESS WRITTEN CONSENT OF THE AUTHOR. ALL INCIDENTS OF PLAGIARISM WILL BE PROSECUTED TO THE FULLEST EXTENT OF THE LAW.

 

THE ABOVE SUMMARY IS NOT INTENDED TO BE A THOROUGH AND EXHAUSTIVE EXPLANATION OF ALL OF THE TERMS AND PROVISIONS OF THE PROJECT DOCUMENTS. WHILE THE PURCHASER CAN USE THIS SUMMARY AS A GENERAL SUMMARY OF THE PROJECT, THE PURCHASER MUST REFER TO THE PROJECT DOCUMENTS TO DETERMINE HIS OR HER ACTUAL RIGHTS AND OBLIGATIONS. IF ANY CONFLICT OR DIFFERENCE EXISTS BETWEEN THIS SUMMARY AND THE PROJECT DOCUMENTS, THE PROJECT DOCUMENTS WILL CONTROL.