A condotel (condo hotel) is a condominium that is associated with a hotel and can be placed in the nightly rental program. Unlike a timeshare, when you purchase a condotel you are the owner and hold the title. There are currently five condotel towers in Las Vegas… The Vdara, MGM Signature, Trump Towers, Palms Place and the Platinum. This collection of revenue-generating luxury high-rise condominiums come fully-furnished and are definitely not lacking in amenities and luxuries. Some of the advantages of owning a Las Vegas condotel include complementary limo service, full access to luxurious spas, state-of-the-art fitness centers, generous discounts on food and beverage (including room service), and so many other amazing amenities.
Condotel rental options are typically very flexible and allow you to choose various leasing options. Although the majority of these condos are placed in some type of rental program to generate revenue, there are some owners that choose to enjoy resort-style living and live in them full time. Whether you choose to keep this as an investment property or place it in the hotel’s nightly-rental program, rent it out by the month or on a long-term lease, condotels are definitely a good investment to consider.
A downside to owning a condotel can be the higher HOA fees. Be careful not to be blinded by the sticker shock of the higher fees. You’ll need to keep in mind that these fees include many expenses you would typically pay separately in most homes. In addition to amenities such as pools, fitness centers, 24 hour security, valet, concierge service and insurance, most of your utilities are also included! Wouldn’t it be nice not to have to pay a separate monthly bill for Internet, cable, trash, water, and electricity? When you consider everything that’s included, you’ll find that the HOA fees are actually quite reasonable!
Each tower offers a different set of amenities and fees may vary depending on the size of unit. Contact the Elite Properties Las Vegas condotel experts at 702-416-3654 to learn more about condotels or to schedule an appointment to tour any of these gorgeous properties.