Condotels or Condohotels are condominium projects that are operated as a hotel. Usually the units are owned individually and will often have a registration desk, cleaning services, and other hotel type amenities. Owners may have the option to place their unit into the hotel’s management rental program where guests are booked in and the owner receives a percentage of the income.
Financing options on condotel units are quite specialized and somewhat limited in availability. If you are considering the purchase of a condotel unit and would like to learn more about financing, we suggest that you contact us as we will need information on the project in order to determine mortgage options and availability.
As a general rule of thumb and only if the condohotel project qualifies, US borrowers can obtain up to 75% financing (of the purchase price) and International borrowers up to 70%.
Please call or email us for more information.