A condotel is a lodging that is a hybrid of a condominium and hotel, by being operated as a commercial hotel even though the units are individually owned. A condotel has rental and reservation desks, short-term occupancy, food and telephone services, and daily cleaning services. Rooms in hotels are sold individually to buyers who typically continue renting them to vacationers. In-house management companies rent out the units on behalf of their owners in exchange for a percentage of the rental income. Condotels differ from imeshares, where buyers pay for limited use of a resort, because buyers of a condotel own their residence outright and can stay in it, rent it out, or sell it according to their own wishes.
Related Terms
Terms with 'Condotel'
