Condo Hotels

Description

Condo hotels convert a portion of its rooms into condominiums and make it available for purchase to the public. The concept has been evident in the United States for over 40 years, but regained momentum in Florida in the late 1990s. Hotel companies discovered they could secure necessary financing to construct new hotels through the sales of the condominiums. The idea quickly became contagious and spread throughout the country among hotel companies. Donald Trump understands the successes of the condo hotel hybrid; he now has six condo hotel projects pending in Florida, Phoenix, Las Vegas and Dubai. The Ritz-Carlton, another major luxury hotel chain, won't even consider constructing a new hotel without incorporating the residential aspect, according to MSNBC. It's a popular concept that's gaining national recognition among major hotel players.

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