Shari Sanderson at Award Realty
News > Live the Resort Life in a Las Vegas Condo-tel
Las Vegas is home to some of the finest condo hotels in the world. Also known by its acronym "condo-tels", these unique real estate developments give buyers an opportunity to own a unit in a luxury hotel that they can rent out whenever they aren’t in residence.
Condo hotels give owners the ability to lock the door and leave at a moment’s notice, while still benefiting from rental income. Owners have the choice of adding the unit to the rental pool of the hotel, and the management company handles the rest. The housekeeping staff keeps the unit clean, the hotel staff manages the guests, and the hotel shares the revenue from the transaction with the unit's owner.
One of the best aspects of Las Vegas condo-tel life is access to resort quality amenities. Residents of the Signature at the MGM Grand enjoy a state-of-the-art business center, a fully equipped fitness facility, and a private pool featuring cabanas and poolside cocktail service. At nearby Palms Place, residents enjoy some of the hippest pool experiences and restaurants in Vegas while living in some of the strips most stylishly designed spaces.
Before you decide if a condo hotel is a fit for you, we recommend you consider some important factors.
Furniture, Fixtures & Equipment
When you buy a unit in a condo hotel, you purchase the furniture package of the hotel. This ensures all units match the high standards of the property. The furniture packages are refreshed over time, so both the initial purchase and the future updates should be factored into your cost analyses.
Condo hotels experience the same volatility as other real estate purchases, and are affected by the same factors that affect the market at large. Additionally, with condo hotels there are the associated costs of professional management that need to be considered. Being able to walk away and have the front desk manage your rental unit is a luxury, for which the hotel often charges 40% to 50% of the revenue. This is why for most condo hotel owners the goal isn’t to make a profit, but to use the revenue to defray costs of the purchase.
Hotel management will adjust the nightly rates depending upon the occupancy and time of year. One of the best ways to determine how much revenue to expect is to see the rental history of the specific unit.
Studio, One Bedroom or Two?
Many condo hotels offer lower priced units that seem like a wonderful bargain. These units are basically like studios, with one open room containing a small kitchen area, like a normal hotel room with a kitchen. That's great for a short stay, but might dilute comfort factor if you or the hotel guests want to stay longer. You'll pay up for a 2-bedroom unit in a condo hotel. At the Signature at the MGM Grand, “lock-out” units are available in which you can live in one room while renting out the other, however these units are sold separately so may not be for sale by the same owner. Trump Towers have a larger inventory of 2-bedroom condos that may work well if you like more space.
The most important thing to consider whenever buying a home is finding a place where YOU want to stay when you’re in town. If you’re a fan of the building and the amenities, you love the design and furnishing of the units, are impressed with the management staff, then getting extra income will just be icing on the cake. We know condo-tels in Vegas well, so contact us if this seems like a good option for you.
Though not guaranteed, information and statistics in this article have been acquired from sources believed to be reliable.
Directly adjacent to the world-famous Fashion Show Mall on the Strip, next to The Wynn Resort and The Venetian Resort Hotel and Casino, Trump Towers combines the excitement of Vegas with all of the opulent comfort of the finest hotels.
Luxurious amenities at this luxurious high rise condo building include floor-to-ceiling panoramic views of fabulous Las Vegas, white-gloved doormen, valet parking, a twenty-four hour concierge service and on-site security staff. Additional amenities ...
Imagine a get-away, just a block from the strip, a short walk to the Bellagio and Caesars Palace. The Platinum gives you a unique opportunity to own a Las Vegas condominium that is operated as a hotel, with all of the amenities you would expect at a Las Vegas resort, including spa, indoor/outdoor pool, fitness center, restaurant and bar. Inside, each unit has a contemporary kitchen, balcony, fireplace, spa tub, and wall-mounted plasma tv. As in any hotel, both owners and guests can enjoy ...
The Residences at MGM Grand (Now also known as the Signature at MGM Grand) take the condotel (condo hotel) combination to the max, with its proximity and affinity to the MGM Grand Hotel. Condo owners have access to the amenities of the community, while sharing the MGM Grand amenities as well. Developed by MGM Mirage in concert with Turnberry, LTD, The Residences at MGM Grand have 3 high rise towers with 40 stories each. The towers are connected by an air-conditioned walkway from the ...
Vdara is one of the newest condotels (condo hotel) on the strip. Located in the heart of the 76 acre City Center, this 57 story building has some incredible views of the Las Vegas strip and the nearby city.
Compared to some of the other condotels in the Las Vegas Strip area, Vdara is decidedly more contemporary. Furnishings and materials were selected by Brennan Beer Gorman Monk architects and designers, who have worked on other contemporary hotels around the world. ...
Live the resort life in condos at Palms Place. This 47 floor high-rise building located right next to the Las Vegas Strip, with fantastic city, mountain, and Strip views as well as an exercise room and pool. Residents get to enjoy the Palms Hotel and Casino while still having a place to call home.
Units range in size from a 615 square foot studio to the decadent penthouse suite. Palms Place is a Condo/Hotel (or "condotel") and can be put in the rental pool when not in use.
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Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.
Last Updated: 2024-02-22