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Piggipiggy wrote:

10% Management fee.  I'm still not sure if I want to drop $250k all cash on a condo hotel yet.  

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10% of gross income of unit?  net income?

 

Sorry for the confusion but usually, there are two fees.  One is the HOA.  Second is the management fee.  Most condos or condo hotels have a fixed management fee based on sq of unit.  Also this fee varies depending on if the unit is or isn't  in the hotel program.

 

At the end of the month, the management company will split your gross revenue then take out all your fees.  The rest is your profit. 

 

 

The problem with buying a condohotel in vegas is you are competing with hotels/casino that operate rooms at cost or even a loss and make it up in gambeling, entertainment, shoping and food.  The condohotel owner can't take advantage of that.

Latest in the sorry saga of condo hotels

 

MGM seeks to demolish unfinished Las Vegas tower

City's high-rise condo market plagued by 73% vacancy rate 

 

http://lowes.inman.com/newsletter/2011/08/29/news/151001

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elt1 wrote:

Latest in the sorry saga of condo hotels

 

MGM seeks to demolish unfinished Las Vegas tower

City's high-rise condo market plagued by 73% vacancy rate 

 

http://lowes.inman.com/newsletter/2011/08/29/news/151001

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You can also put up many regular high rise condos that went under and had to be demolished that was built during the boom.

 

The building was demolished not because it was a condo hotel.  Anyone with a brain would realize this.   If you would do real analysis on condo hotels, instead of thinking that its a time share, then you might also get it.  You know how to do analysis? 

 

If you buy anything in Vegas right now, you will make serious money when the US economy turns.  Sell now, and you are the guy you bought at the top and sold at the bottom.

 

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elt1 wrote:

Latest in the sorry saga of condo hotels

 

MGM seeks to demolish unfinished Las Vegas tower

City's high-rise condo market plagued by 73% vacancy rate 

 

http://lowes.inman.com/newsletter/2011/08/29/news/151001

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My condo hotel has a 66% occupancy rate for the last 5 months.  I really don't know where you are getting these figures.

I don't think thats a good idea, might be a scam

Looks like investors are coming back to Vegas...Condo Hotels are the Worst choice..but memories are short...http://online.wsj.com/article/SB120735504829291471.html