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The Roney Palace, Condo or Condo Hotel?

Question

Is the Roney Palace a condo or condo hotel, and what difference does it make?

Joel's Response


The Roney Palace is a condo, not a condo hotel, and as such, they do not rent out the units on a daily or weekly basis. This reduces staff, overhead, paperwork, and wear and tear on the units. It also increases security within the building. The savings are passed on to the unit owners.

The Roney Palace rental program pays the unit owner 80% of revenue generated if his unit is rented out monthly and 85% if it is rented out for a period of six months or longer. This compares extremely favorably to the other condo hotels we represent which typically have formulas that provide an approximate 50-50 split between unit owner and management.

Question

How many units are still available at the Roney Palace?

Joel's Response


All of the developer units are sold out. However, resales come and go on the market. We can provide you with information as to exactly which units are currently available and their asking price upon request.

The above question(s) were submitted via e-mail by a visitor to www.condohotelcenter.com. The answer was prepared by Joel Greene, a licensed real estate broker with Condo Hotel Center which specializes in the sale of condo hotel units and fractional ownerships in private residence clubs.

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