Condo Hotels - the Good, the Bad and the Ugly
Taking the Mystery out of Condo Hotels and addressing Myths and Misconceptions
MIAMI, Oct. 12, 2012 /PRNewswire-iReach/ -- Our BLOG will be the definitive writing on all aspects of Condominium Hotels - secrets unlocked....here!
Condominium Hotel transparency and practices have created many myths and misconceptions over the years. BUT ARE HOTEL PROGRAMS REALLY MISUNDERSTOOD? SOMETIMES YES... MOSTLY NO!. Many hotel programs take liberties that should not be accepted. With 25+ years as a hotel executive, 14 years specifically devoted to Condo Hotel programs and 3 years as a condo owner in hotel programs, I have sadly seen actions that have frustrated owners.
Our BLOG, is not intended to be a GOTCHA piece. Yes it discloses a great deal of information for all participants in condo hotel programs to read and review. But the purpose of the BLOG is to provide accurate information on how to better understand the metrics of all hotel programs, what owners in various programs should be earning based on traditional standards that we apply, how to make these programs succeed and how owners can make more from there condo hotel investments.
Many Condominiums are now considering the purchase of their hotel program which can enable better management, changes to the Rental Management Agreement ("RMA"), changes to the Hotel Management Agreement ("HMA") and, in turn a share of the profitability of the hotel program. The real question to be explored is whether the hotel program is better in the hands of the condominiums Board of Directors or an independent operators.
Our BLOG will evaluate all aspects of this decision and provide details on new structures that provide for additional revenues to unit owners, all owners sharing in ancillary revenues, enhancing revenues through revenue management and paying a FAIR and appropriate fee to a qualified operating professional.
I have dealt with every aspect imaginable with regard to Condominium Hotels and currently serve as Asset Manager, Advisor, Advocate, Owner Representative and/or Consultant to 3 and 4 diamond properties in conjunction with Unit Owners, Hotel Program Owners, Receivers, Judges, Attorneys and Certified Public Accountants. I am available for the same in seeing that programs are transparent, operated efficiently and effectively and that Benchmarks in the industry are met
We have a wide range of topics that will be discussed in the weeks ahead. We hope you will join us at CondoHotelAnswers.com
Richard B. Evans, 786-897-0652, CondoHotelAnswers@gmail.com
SOURCE Sand Castles Miami Beach, LLC
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