Condo-Hotels - New Hotel sensation set to sweep the Philippines
Interest in the Philippines condominium hotels industry has increased significantly in the past two years following several years of intermittent development and relationship with other shared ownership vehicles, states 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 guide marketing partners for Pacific Concord Properties Inc's Lancaster Brand of Condotels in the Philippines explained: A condo hotel is a hotel operating unit that will be sold to individual equity people, where each manager acquires a, suite or studio while the whole organization is maintained as a hotel function under a single company.
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We're seeing more and more sophisticated clients arriving at the market and a big change sought after patterns; the standard timeshare products and services seem past their prime. This, plus an upsurge in investment hunger for the food field, indicates that the condominium market looks set to develop Collingz continued: Many international hotel manufacturers have declared that the Philippine hotel landscape is prepared for condominium hotel developments, either together with self-contained hotel operations, as fully self-contained condominium plans or as an element of a mixed-use development plan like the Lancaster Brand.
Condominium hotels are even less produced in the Philippines than in the US, in part due to the lack of growth along with a low priced residential aimed industry in the hotel industry since the 1997 Asian Crisis.
Alternative hotel possession are featuring more and more in the hotels sector, with a change in investor approach and the rise of residence hotels, thus making a new investor report. At the moment, the Philippine condominium industry has been targeted and driven by private retail consumers, usually fairly net worth individuals drawn by a town centre or perhaps a location investment grip although we're now seeing more and more first-time home buyers getting into the Condominium Hotel marketplace said Collingz.
Metro Manila and Cebu are particular favorites as an investment location. There's room for a greater pool of institutional and real estate people to buy a collection of condominium units or the establishment of an investor-developer alliance.
Collingz continued that many with this interest will be driven by the relatively inexpensive market prices in the Philippines in comparison to Europe, specifically UK Housing prices, and the simple payment options available for the Condo Hotel Developments, but you will find other factors, also. Foreign Property Investors, Foreign seniors in addition to international Filipinos, are looking for approaches to increase their get back on investments as they approach retirement, and so are buying minute homes, especially Condo Hotel Investments where they may use the Condo for vacations and rent it out through our In-House Condotel Management when they are not using the unit thus getting rental earnings that on todays purchase rates, give a projected ROI on their investments of some 12-16% depending upon the method of payment for the unit.