There are 14 Daytona Beach Condo-Hotels. Understanding the Concept guarantees that you are not confusing apples for oranges. Because condo-Hotel is a confusing concept. And like with everything we do not fully understand, we are not comfortable.
Legally, there is no such form of ownership as condo-hotel, they are condominiums. The term condo-hotel is only used to differentiate between the condominiums where you have rental restrictions and condo-hotels with nightly rents like in hotels. Hence the name.
As for the ownership, in condo-hotels, like in apartment condominiums, you own your unit PLUS an undivided interest in the common elements. And as in apartment condominiums, the building belongs to the condo-owners, and nobody can buy the building, unless the condo-owners decide to sell. (Check your condo docs for the way the Association handles termination of Condominium)
We are often asked what would happen if some developer or big names like Marriott or Hilton decide to take over. In many cases here in Daytona Beach we are just flattering ourselves assuming that most of these properties may attract any big name at all. But if they are, and they take it over, this is your lucky moment. This means you are getting what you wanted for this property, and you get way more than it is worth at that time, or you would not agree to sell.
And if that happens, wouldn't you be ecstatic?
For other post in this mini-series check here:
Understanding Condo-Hotels. Is This For Me?
Understanding Condo-Hotels. A Glimpse At History
Understanding Condo-Hotels. Association Fees
Understanding Condo-Hotels. Simple Math
Understanding Condo-Hotels. Taxes- The Achilles Heel.
Jon Zolsky, your Condo-Hotel guru
www.DaytonaCondoHotel.com
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Jon,
This is an excellent start. So few people understand that condo is a form of ownership not architecture. Nor do they understand that the form and style of management can vary greatly.
I'm looking forward to the next installment.
Bill