CONDOTELS (CONDO-HOTELS) - New Hotel Phenomenon Set to Sweep
By Thomas` | October 16, 2008
CONDOTELS (CONDO-HOTELS) - New Hotel Phenomenon Set to Sweep
the Philippines
Interest in the Philippines condominium hotels sector has
increased significantly in the past two years following many
years of intermittent development and association with other
shared ownership vehicles, says Beth Collingz in her recent
report: 'Condominium Hotels-The Philippines Latest Hotel
Phenomenon'
Beth Collingz, Overseas Marketing Director, investment Sales
for PLC International Marketing the lead marketing partners
for Pacific Concord Properties Inc's Lancaster Brand of
Condotels in the Philippines explained: A condominium hotel
is a hotel operating unit which is sold to individual equity
investors, where each owner acquires a room, suite or studio
whilst the whole enterprise is managed as a hotel operation
under a single brand.
Buyers own their units the same as regular condos. There is
no time limit to ownership. All Condos come with freehold
title deeds. The Condotel model is similar to the serviced
apartment or apart hotel sector and is suitable for an
investor who wants to test the water in hotel investment.
We are seeing more and more sophisticated customers coming
to the market and a change in demand patterns; the
traditional timeshare products seem past their prime. This,
plus an increase in investment appetite for the hospitality
sector, suggests that the condominium market looks set to
grow Collingz continued: Many international hotel brands
have also declared that the Philippine hotel landscape is
ready for condominium hotel developments, either in
conjunction with self-contained hotel operations, as fully
self-contained condominium plans or as a part of a mixed-use
development plan such as the Lancaster Brand.
Condominium hotels are significantly less developed in the
Philippines than in the US, in part owing to a low cost
residential focused market as well as the lack of
development in the hotel sector since the 1997 Asian Crisis.
Alternative hotel ownership are featuring more and more in
the hotels sector, with the rise of condominium hotels and a
shift in investor strategy, thus creating a new investor
profile. At the moment, the Philippine condominium market is
being targeted and driven by private retail purchasers,
typically reasonably net worth individuals attracted by a
city centre or a resort investment foothold although we are
now seeing more and more first time property buyers moving
into the Condominium Hotel marketplace said Collingz.
Metro Manila and Cebu are particular favorites as an
investment destination. There is room for a wider pool of
institutional and real estate investors to invest in a
portfolio of condominium units or the establishment of an
investor-developer partnership.
Collingz continued that a lot of this interest is being
driven by the relatively cheap market prices in the
Philippines compared to Europe, specially UK Housing prices,
and the easy payment options available for our Condo Hotel
Developments, but there are other factors, too. Offshore
Property Investors, Foreign baby boomers as well as overseas
Filipinos, are looking for ways to maximize their return on
investments as they approach retirement, and so are
purchasing second homes, particularly Condo Hotel
Investments where they can use the Condo for vacations and
rent it out through our In-House Condotel Management when
they are not using the unit thereby gaining rental incomes
that on todays purchase prices, give a projected ROI on
their investments of some 12-16% depending upon the mode of
payment for the unit.
Pacific Concord Properties Incs Lancaster - The Atrium,
Shaw Boulevard, Metro Manila, Philippines is a "Full
Service" Condominium Hotel offering Studio, One, Two and
Three Bedroom Suites for sale. To be completed and ready for
turnover from December 2010, the Lancaster Atrium will
provide unit owners with premier residential condo units
with option of enrolling their units in the Lancaster Condo
Hotel Rental Pool and earn Rental Incomes as Owner
Non-Residents when not using their units through Condotel
Management. This makes the Lancaster Brand of Condotels, one
of the Hottest Investment Opportunities in the Philippines.
Part of the success story for this sector will be the
education of a whole new investor base previously accustomed
to buy-to-let residential plans or conventional commercial
real estate investments, together with the emergence of a
secondary market in the Philippines to demonstrate
transparency and liquidity said Collingz.
Beth Collingz
PLC International Marketing Networks
Pacific Concord Properties Inc., Manila Head Office Shaw
Boulevard, Mandaluyong City. Metro Manila. Philippines
Phone: Manila [632] 717 1958 Fax: Manila [632] 718 1828
Pacific Concord Properties Inc., Cebu Office Lapu-Lapu City,
Mactan. Cebu. Philippines Phone: Cebu [6332] 340 0721 Fax:
[6332] 495 4938
EMail: plcsales@pldtdsl.net
http://www.lancastersuites.com http://www.plcglobalpinoy.com
Topics: Investing |
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