Developers in US reviving condo-hotel concept
These projects can attract financing that may not otherwise be available: consultant
[LOS ANGELES] Rainer Viete, who visits Florida from Venezuela about once a month, said he's buying an apartment at the Hyde Resort & Residences hotel-condo project near Miami so he can order a meal or rent out his apartment when he wants.
"I love the amenities the building will have - a restaurant that can provide room service, a concierge, maintenance, a person that can clean your place, valet parking," said Mr Viete, 25, who works for his family's real estate company in Caracas. The US$250 million project, scheduled to break ground in August, is already 85 per cent sold.
Developers across the US are reviving a concept that collapsed with the real estate crash in 2008: combining condos and hotels.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
German commercial property prices drop 9.6% in Q1
Swedish home prices swell with buyers expecting rate cuts
Blackstone, Starwood split on commercial property market risks
No bids for Pine Grove’s mega en bloc sale at S$1.95 billion price
Rents set to be last domino to fall in global inflation battle
US rents climbed 1.5 times faster than wages in last four years