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CONDO HOTEL
CONVERSIONS
Because of the widely-publicized success most condo
hotels are currently experiencing, many hotel and
resort owners are considering converting their property
into a condo hotel. The condo hotel concept, especially
with regard to conversions, has merit. However, doing
a successful and profitable condo hotel conversion
can be challenging. No one formula fits all.
If you're considering a condo hotel
conversion, here is a checklist of things you should
do:
- Determine your target prospect
- Measure the demand for a product
like yours
- Consider whether your location
is one that will attract hotel guests and will also
have appeal as a second or vacation home
- Evaluate the competition which
includes other hotels and also straight condos.
- Determine the unit mix (studios,
one bedrooms, two bedrooms, etc.)
- Put together an amenity package
that will appeal to your target market
- Calculate the costs of needed
property upgrades, remodeling and furnishings
- Select a quality management company,
preferably one with a name-brand franchise
- Hire a savvy sales and marketing
company with a proven track record
- Price units to sell at a good
pace, but not so low as to leave money on the table
- Estimate potential profits as
a condo hotel versus continuing the existing operation
without conversion.
Obviously, a condo hotel conversion
is a large-scale project involving a great deal of
planning, financing and hard work. However, the result
can be a highly profitable scenario.
To assist you in the process, we
have prepared two documents: 1) a Case Study of a
successful condo hotel conversion, and 2) Frequently
Asked Questions about condo hotel conversions. We
will e-mail them to you upon request at no charge,
no obligation. Request
condo hotel conversion information here.
In addition, if you would like assistance
in the conversion process, Condo Hotel Center can
put you in touch with qualified companies and consultants
specializing in condo hotel conversions. Among them
are:
- Companies that do market and feasibility
studies
- Mortgage financing sources
- Sales and marketing firms
- Entities interested in large,
multiple-unit purchases
- A barter company that will cover
up-front advertising and marketing expenses in return
for the equivalent value of units when your project
is built
Depending on your specific needs,
we can connect you with the right people to help make
your project a profitable reality. It is our sincere
hope that your project comes to fruition, and we at
Condo Hotel Center can be a part of your condo hotel
sales effort in the future.
Contact us today, no cost, no obligation,
for more information: info@CondoHotelCenter.com
or call (305) 944-3090.
Lastly, if you would be interested
in attending an upcoming Symposium on Developing Condo
Hotels, learn
more here.
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