How does the condo hotel management team decide which units to book first? For example, if the hotel only had 90% occupancy would my unit be one of the units not booked?
Condo hotels, for the most part, work on a strict rotational basis. Once your unit is rented, it goes to the bottom of the list until it works its way back up to the top and is rented again. The only time the unit at the top gets passed over is when a guest makes a specific request, like: "I stayed in Room 2705 for my honeymoon last year. I'd like to get that unit again if available." Or, "I'm a Hassidic Jew and can't use the elevator on the Sabbath, so please place me no higher than the third floor." The client is king in that situation.
Do we have a specific room that would be ours, or do we simply get a fractional part of all the rental condo units?
You have a fee simple interest in your room and only your room. This is not a fractional. The revenue you receive will be a percentage of the actual revenue generated by your room. For that reason, it's a good idea to consider the desireability of your room when choosing which one to buy. For example, there is a higher demand for ocean-view rooms that non-ocean views.
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.