Terri is writer who loves to inspire with words. She is also a facilitator of Ecopsychology workshops & wellness retreats and loves being immersed in nature! For more on her work visit www.onelovelivity.com
As a writer I love learning new words and a few weeks ago I was told one so new that when I looked it up in the dictionary it did not appear. The word is ‘Condotel’
I was privy to learn this new word through a conversation with our International Property Adviser, Wini Dean, who was also gracious enough to explain what on earth it means! Apparently a condotel is a fusion of a condominium and a hotel and even though the concept has been around for about 20 years it is only now becoming popular as one of the latest trends in property developments. In a condotel an individual owns their condo within a building that is operated by a hotel group who provide a variety of services to the occupants. So even though you are in your own home you can enjoy some of the luxuries of staying in a 4-5 star hotel.
Condotels are mostly bought as a second vacation home and thus has the added benefit of being an income generating investment when you are not occupying it. By signing an agreement with the hotel operating group your condo becomes part of the rental pool when you are not around and can be let to other clients on a daily, weekly or monthly basis.
When placing your condominium in the rental pool you qualify to receive a portion of all rental income generated through the hotel operation so essentially you can make extra money without doing a thing! Of course the income would not be the same as renting a home yourself but with an established operation taking care of things you are saved many of the headaches of subletting.
Developers are becoming more interested in condotels because by having individual ownership of each apartment the initial investment costs are recouped very quickly. This investment is becoming increasingly popular in areas with tourism as this increases the opportunity for a high percentage of rental nights and both individual and corporate owner receive the benefits.
Caribbean Land and Property have both emerging condotels and land suitable for these types of development. So if condotels are new and interesting to you then please contact us today for more information.