Las Vegas Condo Hotels
Las Vegas Condo Hotels are condominiums which can double as hotel rooms. This means that residents can enjoy all the amenities that they would normally enjoy at a hotel. This obviously includes things like Spa, Pool, Valet Parking, but also includes hotel like amenities like daily room cleaning and room service. Hotel Condos also come FULLY furnished with stylish furniture and technology especially the higher end units at the Vdara and MGM Grand Condos. Things like internet & cable TV service, large flat-screen HDTV and tables are also included in the unit. Basically, anything you’d find inside of a high-end hotel is what you can expect inside of a Hotel-condo. These are all included in the purchase price. Since hotel condos offer more amenities than regular condominiums, owners can expect to payer higher monthly condo HOA fees.
The main benefit of owning a unit in a condo hotel is that whenever you aren’t actively living on the property, you can easily rent it out overnight. The beauty of this is that you can rent it out without ever lifting a finger. Every single hotel-condo allows owners to partner with the hotel in order to get their rooms rented out on a daily basis. So if you only use your hotel-condo a few months during the year, you can partner with the hotel to get your room rented out – so the next time a guest purchases a hotel room at the hotel-condo, they will be staying inside of your hotel room! The hotel takes a 50% fee for this service, as they’re the ones actually finding customers, but even after the 50% fee, hotel-condos can be very profitable for owners. It’s an easy way to pay off monthly HOA fees and property taxes and even turn a profit every month. The thing about hotel-condos in Las Vegas is that you don’t have to rent out your unit for weeks at a time. Hotel condos can be rented out on a nightly-basis, so anytime you’re not using your Unit, you can rent it out, even if its for a day or two. Condominiums on the other hand like Allure, Sky Las Vegas and Veer Towers HAVE to be rented out for a minimum of 3 months at a time. Sometimes longer. Hotel-condos in Las Vegas are MUCH more flexible, as they do nightly rentals.
So how much does a hotel condo in Las Vegas cost to buy? That depends on which one you’re interested in. Units at the Signature MGM Condos can be purchased for around $150,000. These units are around 550 SQ Ft – about the size of a regular hotel room. Larger 2 Bedroom units can be purchased for upwards of $400,000. Units at the Mandarin Oriental hotel condo on the Las Vegas Strip on the other hand, start at around $1,000,000. These units can usually a fetch a much higher nightly rate than the hotel condo units at the Signature MGM. You can actually find out nightly rates simply by vising the hotel website. Months like October and November are busier, which means rates are much higher during these months. As a hotel-condo owner, you’re entitled to around 50% of the total nightly rate. Each hotel-condo is a bit different, but the 50% figure is a good rule of thumb for the rate split. Trump Towers Las Vegas is another Hotel-Condo located near the Las Vegas Strip. It’s actually located right behind the Fashion Show Mall. Trump units have appreciated quite a bit too since their 2010 lows, so don’t expect to find the same deals in 2015 as you did in 2010.
There are some downsides to living in a hotel-condo. They tend to be much smaller than regular condominiums and units at hotel condos lack variety. This means there are only a few types of floor-plans available – as Hotel-rooms are generally the same in design and appearance. Hotel Condos are great for those that want to purchase an investment property or a second-home, as whenever the property isn’t being used it can easily be rented out.