CONDO HOTELS in Honolulu Hawaii
For those clients who wish to have a vacation home in Hawaii, which will earn a consistant income between uses, a Condo-Hotel could be the right choice. These buildings are unique, as they are both Condominiums and Hotels.
Each unit is individually owned. Owners have the option to live in the unit, keep the unit solely for their private use or to lease it to the Hotel Manager.
If placed with the Hotel, the owner earns monthly income on the unit and can reserve it for private use when visiting Hawaii. This arrangement eliminates the need for a private property manager, as the Hotel handles most aspects of property management. The Owner will only require the service of their CPA to file their GE & TAT tax with the state, or for a minimal fee, Aloha Properties can do that for you.
If an investor selects a property, which is not in a Hotel Rental System, then they must hire an on island manager, to find tenants for them. If a tenant is not found, then the owner must pay the monthly unit expenses from their pocket.
Note: Not all Hotels guarantee a monthly income. However, many pay a share of the Hotels monthly income to all Owners, even if the unit is empty for the month. Owners of Condo-Hotels are required to keep their units and furnishings in good repair. Some buildings require Owners to purchase funiture packages every few years to keep them up to date.
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