What do condo hotel owners need for insurance, damage and general liability protection and also refurbishments?
A simple contents and liability insurance policy should be purchased to protect you as the owner from any mishaps that happen to a hotel guest while in their room.As for the physical condition of the unit, if the property is in the rental program, unit owners need not worry about what happens to their furnishings, carpeting etc. The hotel management will keep an eye out for any mistreatment by hotel guests, and will charge the credit card of any guest who damages the unit or its contents. They will replace any damaged items so that the room is rentable again in restored first-class condition.
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.