The buyers are investors in hotel-condos, a real estate product that combines the flexibility of ownership of a condo in ahotel setting. Popular in the United States, Europe and the Middle East, hotel-condos are just starting to pop up in the Philippines for the first time.
Unlike simple condominiums — which owners can use as they please — hotel-condo units are both investment and residential units that can be used by their owners for up to 30 days per year. The plus is that the owners can invest in real estate while having access to hotel amenities like a spa, gym, room services. The remaining time, the units’ owners return the rooms to a rentable pool run by the hotel. As the units are rented out, the owners receive a split of the income. Alternatively, unit owners can live permanently in their suites and enjoy hotel living 365 days a year.
One such project recently announced, with Pacific Concord Properties Inc — among the first developers to do a hotel-condo in Metro Manila — submitting plans to build a 42-story twin high-rise at Shaw Boulevard, will be called Lancaster Suites – The Atrium.
The Lancaster Atrium is a...
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