Miami Condo Hotels
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Condo Hotel Residences offer the ability for owners to generate income with thier property while they’re not using it. They are typically operated by well known luxury hotel brands and are usually located in popular vacation destinations, such as Miami Beach, Sunny Isles Beach and Downtown Miami.
Owners have the option to place their Miami condos in the hotel’s rental program to earn a revenue while they’re away. The units are put the unit in the hotel inventory and the owner splits the rental proceeds with the hotel management company. The most common split is 50/50, although some hotel management companies do give owners a larger share.
The revenue generated helps to offset some of the expenses and may possibly generate some returns. Orignally designed for investors looking for a tax shelter, condo hotels were first developed in Miami Beach more than 60 years ago. Today condo hotels are gaining more popularity and can be found througout the world, including Aspen and Mexico.
There are many benefits of owning a luxury condo hotel in Miami, including owning a vacation property that is professionally managed and can provide rental income. However, there are also disadvatanges to owning a condo hotel versus a typical condominium. As a general rule of thumb, the mainenance fees are higher and sometimes there are additional property management fees.
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JOSH STEIN REALTOR
Global Luxury Realty, LLC
1688 Meridian Ave
MIami Beach, FL 33139
+1 (305) 695-8257
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