Why You Should Consider Buying or Renting a Condo in a Hotel

Hotel Condos are worth checking out for your real estate investment

Text: Wesley Holland

The luxury real estate market has seen a shift in consumer preferences as tastes and needs evolve. In the past, wealthy buyers desired things like high-end kitchen appliances. Today, buyers in the luxury real estate market in New York consider amenities and the convenience they bring to their daily lives. This is why hotel-style living is appealing to a large segment of luxury buyers. Of course kitchens are equipped with the top appliance brands in these residences, but, here, residents are exchanging the use of their appliances for in-room dining prepared by celebrity chefs at the push of a button. We also take a look at the price of some suites at various hotel/condos in the city to compare what it would cost per-night to stay vs. monthly renting.

Why Consider Hotel-Style Living

BUILDING AMENITIES

Perhaps the most attractive feature of hotel-style living is the amenities that come along with it. Being attached to a hotel gives residents access to the hotel’s features. Concierge services have become very desirable because they allow the resident to have more time to do what matters to him or her.

Just like hotel concierge, they will help residents do things such as make reservations, find gifts, or acquire event tickets.

Another amenity that attracts interest is the access to restaurants by celebrity chefs…in your own room! At 30 Park Place, residents will enjoy options from Wolfgang Puck’s CUT, while residents at The Mark can get dishes by Jean Georges delivered to their apartment. Additionally, residents have access to state-of-the-art fitness centers, housekeeping services, and valets.

RENTAL OPTIONS

From an investment standpoint, these buildings can be more advantageous than other condos and co-ops. If you are looking to purchase and then subsequently rent out the unit, hotel-style buildings generally have more relaxed leasing terms. This means that something like a 6 month lease is generally allowed while they are often prohibited in many other buildings. Tenants will also have access to all the great amenities that a typical condo will not have, a big appeal to prospective renters.

BRAND RECOGNITION

Brand recognition is also appealing from an investment standpoint. An international buyer can rely on brand recognition to help their investment. For example, buying into 30 Park Place means buying into the Four Seasons, a brand recognized globally for their standard of excellence. Brand recognition can also be helpful for owners looking to use the unit for rental income. Renters in the luxury market can feel confident about their selection with the hotel name behind the building. Additionally, it is appealing to rent an entire apartment inside the hotel for the same price as one of the best suites the hotel offers directly. Corporate renters are attracted to these brands, and generally pay top-dollar for rent while looking for the flexibility of shorter-term leases.

Check out various options of hotel-style living in New York at The Victoria Shtainer Team.