Las Vegas Hotel-Condo Beginning to Take Off
The Platinum, the first condo-hotel, located near the Las Vegas strip is scheduled to open in the first half of 2006. Of the approximately 70 condo towers announced for development in the past 18 months, a handful have been marked as condo-hotels, including the 1,300 room-Trump International Hotel, scheduled to open in 2008.
The condo-hotel structure is becoming an attractive business model for owners and developers alike. Owners are able to realize appreciation on the real estate and take advantage of possible tax benefits. Developers are able to sell off the units to provide for an alternate source of financing and a way to receive capital back.
Low interest rates, a sagging stock market, overseas investors and Baby Boomers looking for second homes are cited as reason fueling the current condo-hotel development.