Hotel Condos and Condominiums Rising: Encore Set To Open For Business

About This Blog

A condo-hotel, hotel-condo, or a Condotel is a building used as both a condominium and a hotel.

This type of residential building meets several needs that make it attractive. As development costs increase, the cost of hotel development can make developing new hotels difficult, especially in major cities. By selling the units as condos, the developer moves much of the development cost to the condo owners. By owning units that can be rented as hotel rooms, the owners are able to get a return on their investment allowing them the ability to own a residence in a resort or major city.

The U.S. Government is very strict about the type of advertising that can be done vis a vis Condo Hotel projects. Some condo projects have advertised themselves as "Real Estate Investments" - since the value of these condos as a real estate investment is not entirely clear - the U.S. Government currently disallows use of this reference when advertising condo hotels.^{[citation needed]}

Condo hotels have been criticized in California for allowing developers to skirt laws designed to protect public access tobeaches. Because such a facility has hotel rooms, it can be classified as a public accommodation, even though the majority of the units are privately held, and the facility does little to accommodate the public. ^[1]

While not intended as a complete list, the most popular locations in the U.S. for condo hotels include: Chicago, Miami,Fort Lauderdale, the Las Vegas metropolitan area, New York City, Myrtle Beach, South Carolina and Orlando, Florida.

What is A Condominium?

Source: Wikipedia

A condominium, or condo, is a form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece. Colloquially, the term is often used to refer to the unit itself in place of the word "apartment". A condominium may be simply defined as an "apartment" that the tenant "owns" as opposed to rents.

Condominium is the legal term used in the United States and in most provinces of Canada. In Australiaand the Canadian province of British Columbia it is referred to as strata title. In Quebec the term syndicate of co-ownership is used. In England and Wales the equivalent is commonhold, a form of ownership introduced in 2004 and still uncommon in most places.

The Encore Hotel-Casino is set to open to the public.

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Wednesday, December 24, 2008

Encore Set To Open For Business

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Hotel Condos and Condominiums Rising

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About This Blog

What is A Condominium?

About Me

19,530 New Twitter Followers In 30 Days?

Free Links

Wednesday, December 24, 2008

Encore Set To Open For Business

0 comments:

Sponsored Ads

Subscribe

Join Our Webring

Blog Archive

Related Links

Links

Fix Your FICO

Real Wealth Investor

Foreclosure Blog

Mortgage Rates

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Multi Housing News

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