Condotels are condominium projects that operate like a hotel. Typically a condotel will have a rental desk in the lobby, cleaning service and other hotel-like amenities. The units are individulaly owned but many of the units are rented to short-term visitors.
Rental income is split between the hotel operator (often called the front desk operator) and the Unit Owner.
Ownership is deeded and Fee Simple
Financing of this type of property needs to be handled by a Mortgage Professional who speciallizes in Condotels because the number of lenders are very limited. Read the rest of this entry »
