What is a Condotel?
What is a Condotel? Is it a condominium? Is it a hotel?
Well it’s a combination of both. It’s also one of the hottest types of investment properties around the world and now available in Philippines.
Pacific Concord Properties Inc’s Lancaster Suites in Metro Manila is a condo Hotel (Condotel) in Shaw Boulevard close to the Ortigas Center. Scheduled for opening this year, prices at Lancaster have appreciated very rapidly, almost 100% in the last 3 years.
You buy a condominium as a vacation home within a hotel type property and the condominium is rented out by the hotel when you are not there. Many condo hotels have superior amenities like spas, health and fitness centers, restaurants and business centers. The Lancaster Suites is also set to provide an expanded array of hotel services such as valet, concierge and maid service.
Condo hotel unit owners can receive revenue from participating in the condo hotel’s rental program, helping to offset their ownership expenses and the surplus resulting in a annual return on their investments. The operator of the rental program, in exchange for a 40% share of the revenue, markets the units as a hotel, takes reservations, operates the front desk, staffs and maintains the entire property, and provides the services hotel guests expect, such as housekeeping, food and beverage, and concierge.
If you want the best price and the widest selection, your best bet is to purchase a condo hotel in early preconstruction stages. Nearly all developers begin selling their condo hotel units 18 to 24 months before construction is complete. One such development in the Philippines is Lancaster – The Atrium which is now offering its Condotel suites for sale. By reserving a condo hotel unit at this stage, you’ll be able to pay today’s prices for tomorrow’s real estate. Of course, that also means you’ll have a bit of a wait before you can use your condo hotel vacation home, but the real estate appreciation can yield a very healthy return.
The Lancaster Atrium Suites are now available on the very affordable and competitive New Payment Plan that provides for Suites to be purchased on a No Interest No Down Payment basis with 67% of the payment payable over 60 equal consecutive monthly installments without interest and the 33% balance payable upon turnover of the unit or to be paid over an additional 5 years from turnover through our hassle free no prequalification “In-House” Finance Plans…
All payments will be made to the Lancaster Suites Manila Atrium Tower A Equitable PCI Bank Escrow Trust Account. It is anticipated, given the track record on sales of Tower I Units that property appreciation for initial buyers of Tower A Atrium Units will be at least 70-80% on completion and 100% on turnover of units from December 2009/2010
If anyone is interested to join us or host any of the Lancaster Philippines Condo Hotel Investment Forums please do not hesitate to contact us….
Director – PLC International Marketing Networks