What do “Aparthotels” and “Condo Hotels” mean?
The concept of “aparthotels” has very often mentioned on the real estate market in recent times. As with something new, it is never entirely clear what does this new term mean, which is the benefit of such real estate items, how do they differ in different countries, etc. Mercury Group Luxury Estate has conducted a detailed analysis, and we are ready to share the most current information on this issue with you.
Apartments and flats
In order to understand the new fashioned term “aparthotel”, you should go back to the roots and understand how do these simple apartments differ from the flats. The tendencies show that these two terms are generally becoming synonymous. Nevertheless, apartments and flats have much in common, but still that have differences.
Apartments are premises that have several rooms (not necessarily bedrooms), are equipped with all necessary living facilities, and include kitchen. Usually, such type of real estate can be acquired not only by a private person for the own residence, but also by the company for the subsequent lease.
The main difference between apartments and flats is that the apartments do not belong to the housing stock, i.e. they are located in administrative buildings, profitable homes, hotels, huge office and business centers, etc. Still there are numerous other differences between apartments and flats. A person who has purchased an apartment cannot be registered in the apartment and cannot get registration in it. Utility payments in apartments are usually a bit higher than in the flats, because the utility payments are calculated as for the commercial real estate. There is the difference also in taxing, since the fees are charged at different rates - in case of commercial real estate – the certain fess, and in the case of residential premises – other fees. Such rates may differ in different countries to a greater or lesser extent. And, the last no less important difference between the apartments and flats is their price. Usually, flats are cheaper than the apartments due to the fact that the cost of commercial construction is lower.
The apartments are considered to be very attractive for investment of capital in order to gain profit from the rent.
Then what do the “apartment-hotels” or “condo-hotels” mean?
Apartment hotels are a kind of apartments that are located in the hotels. Usually, this is a complex of rooms, and the residents or guests who are staying in these rooms receive hotel services completely (or partially). Such apartments are different from the usual room, because they have a wider space, equipped kitchen and appliances, and, of course, such “rooms” can be purchased and owned permanently.
This type of real estate is mostly popular in the USA, Canada, the UAE, as well as Costa Rica, the Bahamas and Jamaica. Nevertheless, aparthotels as a kind of hotel business and, accordingly, as an object of residential real estate, is gaining popularity in many European countries.
There are two types of aparthotels:
1. Hotels that provide apartments only for rent, i.e., in fact, these are hotels.
2. Hotels in which the part of the apartments is rented to the guests for a certain period, and the other part - apartments that can be purchased (or rented independently) and are suitable for residence.
Advantages of aparthotels
Apartments in the hotel have a number of benefits and advantages, some of which we will discuss here in more detail.
Aparthotels are often located in the center of the city, or in the places with the developed infrastructure. Acquisition of this type of real estate is the ideal solution for those who often travel to the certain country for business purposes.
2. Less headache
The management of the aparthotels provides the management of the apartments. In this regard, the owner of real estate should not worry about the fact that the apartment will stand idle for a certain time.
3. Possibility of renting and leasing
The hotel operator, usually, also assumes the responsibility to rent your apartment to guests. If you plan to buy the apartment in order to rent it in the future, you can not find a better option. You do not have independently to look for tenants, and you will receive a stable income from the rent of such apartments.
4. Interesting investment
The purchase of apartments in the hotel becomes a guaranteed investment of funds with minimal risks for the investor. Apartments in the hotel are of high quality and in great demand, and will be much lower in price than the flats with similar characteristics. As a rule, such real estate is bought up at the construction stage.
Aparthotels have a much shorter pay-back period due to the fact that the individual units (rooms) are sold to the individuals for personal residence/renting.
6. Price and quality
If to compare the prices for apartments in a hotel with a similar flats, then the flat will have a higher cost due to different tax schemes that are applied to the commercial real estate. At the same time, the apartments in the hotel will be characterized by excellent quality of furnishing and furniture, which will correspond to modern interior standards.
7. Minimum risks
Investments in aparthotels reduce the risks that are too high for a number of other real estate units.
In general, if you decide to purchase apartments in a hotel, then this type of real estate can be an excellent solution for your own residence and for investments in order to gain further profit.
Golf Veduta is beautifully nestled atAkoya. Taking its name from the akoya pearl.Akoyais a sprawling 28 million sq.ft. residential community with stunning properties boasting the very best lifestyle options. With spacious home, acres of land with leisure facilities and a world-class golf course, every day at the Akoya is an experience.
• 2 Bedroom Hotel Apartment
• Built up area of 1639 sq. ft.
• Electrical shaver point with mirror in master bathroom
• Kitchen cabinets and countertops with refrigerator, washing machine with dryer option, hob and oven
• Fully tiled bathrooms, en-suites and guest toilets, wherever applicable
Priv, managed by DAMAC Maison Hotels and Resorts, is the quintessential urban retreat for those who desire the perfect balance between the warmth of home and the service standards of a world-class hotel. From the moment you enter the elegantly styled lobby of the hotel apartments, youll experience exceptional service from a team of consummate professionals. Valet parking and our 24-hour concierge ensure everything comes together in perfect accord.
• 2 Bedroom Hotel Apartment
• Built up area of 1375 sq. ft.
• Double bed with mattress in deluxe rooms and one bedroom apartments
• One double bed and two single beds with mattresses in two bedroom apartments
• Clean sheets, pillows and bed covers in appropriate portions
• Curtains Bedside table with drawer
• Couch in one and two bedroom apartments only
Golf Terrace consists of hotel serviced apartments and townhouses (townhouses located on the first two levels of the building). The project comprises of studio, 1, 2, 3 and 4 serviced hotel apartments to be managed by NAIA, Damacs hospitality division. The Golf Terrace offered a luxury furnished and serviced featuring satellite TV and telephone connection points, ceramic tiled floors throughout, fully equipped kitchen with cabinets.
• 2 Bedroom Apartment
• Built up Area 1852 sq.ft