We have all witnessed sharing platforms like Uber and Airbnb disrupt traditional business models and become incredibly profitable. These concepts have been rapidly evolving and leading to many new investment opportunities. One such opportunity in the world of Las Vegas real estate is the cross between a hotel and a condo known as the “Condo Hotel.”
Owning a condo in a luxury condo hotel building is different than traditional home ownership. It combines the convenience of resort luxury living, with home ownership. It also provides a unique opportunity to generate hassle-free income while you are away from your condo. With prices in Las Vegas starting as low as $150,000, this unique opportunity deserves a closer look…
What is a Condo Hotel?
Condo Hotels are high-end hotels that are comprised of individual condo units available for purchase. This combines the luxury accommodation of a hotel with the private ownership of a property. You can enjoy all the luxury amenities the hotel has to offer and even have the maintenance of your condo taken care of entirely by the hotel.
The convenience and luxury living in a hotel is enticing. However; one of the most alluring aspects of owning a condo hotel is that you can easily leverage the hotel name and rent your condo when you’re not using it. With Las Vegas having some of the biggest names in the hotel industry, it makes it an ideal market for this type of investment.
Some of the buildings available are Waldorf Astoria, Palms Place, Trump Tower, MGM Grand Signature Towers, Vdara (inside City Center) and more. They are sold to use as a primary residence, second home, or rental property. You can also take advantage of the hotels rental program to generate passive income.
If you join the rental program, the hotel handles everything! They include the unit in their hotel inventory, rent the unit, have the unit cleaned, maintained and collect all payments. You can choose what days you want to use the unit and authorize them to rent the remaining days of the month. The condo can be used as a primary residence or to host family and friends, the chose is yours.
Using your condo as a part-time rental can be a great way to offset the cost of ownership. The income split varies per hotel, but on average it is a 50/50 split. The rental program is not mandatory. You can always manage the condo yourself and keep all the rental profits.
Upgrade to Luxury
Las Vegas hotels are world renowned, they epitomize the highest standard in hotels and their perks are no different. Gorgeous architecture, world-class luxury amenities, room service to your residence at anytime – these features of condo hotels are quite alluring aren’t they? Throw in consistent monthly cash flow while you are away from your unit, and this formula of home ownership can be an option worth considering.
Financing is available for many of the properties. Always remember when buying or selling real estate, it is best to contact a local expert. Hit the contact button on the top left corner to contact Gady’s team for all of your Las Vegas real estate needs.