SLS LUX Brickell shared lobby (left) Hotel Guests check-in key card (right) Condo Residences fob access
Most major hospitality brands have or are in development of a condo hotel in Miami.
The key advantages of a condo hotel are signature, world-class amenities and services, less rental restrictions/Airbnb-allowed, turn-key or hotel package furnished, and option for a hospitality-grade, professional-managed, revenue-share rental program. Newer developments have residents-only access areas.
The ideal condo hotel owner stays in unit a small percentage of year, prioritizes rental income from the unit as a vacation property, is comfortable with occupancy and rate uncertainty, and can comply with blackout dates and rules.
Considerations
full-service facilities and resort access
two-fold appreciation from property value and brand association
sales and marketing along with global reservation system to optimize year-round booking and revenue
housekeeping, room service, maintenance and concierge et al services inclusions
ease to resell
revenue splits range 35% - 60% based on hotel brand plus specified distribution timing
occupancy and earnings are not guaranteed nor projected
association fees and rules apply
hotel-operated units may be on certain floors or sections of building
furniture package costs are typically mandatory for unified image and guest experience included in or additional to sale price
lenders will finance yet at higher loan rate and down payment requirements
Recommendations
Beach
The Residences at W South Beach
Carillon Beach
Four Seasons Residences at The Surf Club
Brickell
Biscayne
Condo hotel is the best investment for those seeking world-class, hotel level amenities and services afforded by flexible use offset by rental income that covers all expenses including property management.
Please contact me to discuss more and visit properties.