The concept of luxury condominiums, condos combined with hotels, is on the rise. Developers are combining condominiums and hotels across major metropolitan areas, such as Miami and New York, as growth in the hospitality market compliments growth in the increasing demand for luxury homes.
You are seeing more and more condos that are associated with a hotel brand,” said Richard LeFrak, CEO of LeFrak Organizations Inc., a New York-based real estate company. Residents need only “make one phone call. ‘Change the linens, put food in my fridge, get my car ready.’ They don’t have to bother with organizing a lot of things. It’s a big draw.”
There is a mutually beneficial relationship between the hotel and the condo owner on purchasing. Most evidently, the buyer is guaranteed hospitality and luxury through the reputation of the hotel itself. As full service hotels are expensive to finance, hotels will offer a portion of rooms as residences in order to guarantee a continuous revenue during development.
These homes are more popular among buyers ages 55 and up, looking for a step up living arrangement and are attracted to the support provided by the hotel. The recent success of these intertwining markets may indicate a new trend in home buying, especially considering the current move of residence away from the suburbs into more condenses areas.
Read more here- “Homebuyers Avoiding Chores Fuel U.S. Condo-Hotel Revival,” (Nadia Brandt, Bloomberg)
Olivia is a graduate of Villanova University where she studied Economics and History, minoring in Gender and Women's Studies. She also has experience working with federal legislatures on health care policy, women's issues, and Internet safety.