As a general average what percentage of time do condo hotel owners use their units, and what percentage of time do owners place their units into the management program to be rented to hotel guests?
That’s as wide open a question to answer as “On average, how many miles per gallon does a car get?” Obviously, different buyers at different ages and with different lifestyles have more or less vacation time, and the answer could vary greatly, just as a Hummer gets far fewer miles per gallon than a Honda Accord.
Some condo hotel owners have no intention of ever using their units, but see them just as a real estate investment which they hope will appreciate. Others consider their units as second homes and use them several times a year a week or more at a time. And some wealthy people own several vacation homes, so obviously their time is split among their various homes. As you can see, it depends on the individual condo hotel owner. Plus, the occupancy rate varies greatly from state to state, even city to city.
Having given that disclaimer, on average, I’d say that most buyers, based on the typical amount of time people get for annual vacations, use their unit two to three weeks a year and place it in the rental program the rest of the time.
The above question was 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.