What is a Condotel
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Understanding Condotels: A Lucrative Investment Opportunity
What is a Condotel?
A condotel is a blend of both a condominium and a hotel. This type of property investment is gaining popularity worldwide and is now available in the Philippines.
Overview
A prime example of a condotel is Pacific Concord Properties Inc.'s Lancaster Suites in Metro Manila, located on Shaw Boulevard near the Ortigas Center. Set to open soon, Lancaster Suites has seen prices nearly double over the past three years.
How Does It Work?
When you purchase a condotel unit, it serves as your vacation home within a hotel setting. When you're not using it, the hotel rents it out on your behalf. Many condotels boast amenities such as spas, fitness centers, restaurants, and business facilities. Lancaster Suites, for instance, offers additional hotel services such as valet, concierge, and maid service.
Revenue and Ownership
Owners can participate in the rental program, earning revenue to help cover ownership expenses, potentially resulting in annual profits. The operator, in exchange for 40% of the revenue, manages reservations, front desk operations, staffing, and maintenance, while providing essential guest services like housekeeping and dining.
Timing Your Purchase
To secure the best price and widest selection, consider buying a condotel during the early preconstruction phase. Most developers sell units 18 to 24 months before completion. The Lancaster Atrium, currently offering its suites, provides a unique opportunity. Purchasing at this stage means securing today’s prices for tomorrow’s real estate, which can lead to substantial appreciation and returns.
Payment Plans
The Lancaster Atrium Suites offer a flexible and affordable payment plan. Buyers can acquire suites with no interest or down payment, paying 67% over 60 equal monthly installments without interest. The remaining 33% is payable upon unit turnover or over an additional five years through hassle-free, in-house financing.
All payments are made to the Lancaster Suites Manila Atrium Tower A Equitable PCI Bank Escrow Trust Account. Based on previous sales records, property appreciation for initial buyers is expected to be at least 70-80% upon completion, and potentially 100% on turnover by December 2009/2010.
Interested in More Information?
For those interested in Lancaster's investment forums or seeking further details, please feel free to contact us.
Beth Collingz
Director - PLC International Marketing Networks
You can find the original non-AI version of this article here: What is a Condotel .
You can browse and read all the articles for free. If you want to use them and get PLR and MRR rights, you need to buy the pack. Learn more about this pack of over 100 000 MRR and PLR articles.