"We're sure you have many questions about condo hotels
and their management. We're the management company for Hayes Reid
Development Group, Hotel Condominium
Services, headquartered in Orlando Florida. We have done our very best below to answer many
condo hotel
questions that are often asked of us by owners and prospective
purchasers. If you don't see an answer to your specific question, please contact me directly. I pledge to
personally make sure you get the information you
need." please contact us today.
--Mark Manring--- President of Hotel Condo Services, LLC
Mark is a Professional Hotelier with twenty-five years
hotel management experience
including major Flags such as Hilton, Marriot, and Sheraton
Experience the Rewards of Condo Hotel
Professional Ownership Representation
"Hotel Condo Services strongly believes as we do, that a successful
condo hotel property
must properly balance the needs of its owners, associates, and guests.
Owners must provide the financial stability and structure to ensure
that company goals are met. Associates must understand the direction of the
condo hotel property and feel a part of its accomplishments. Understanding the
guests' needs is critical to proper positioning, satisfaction,
popularity and overall success of the condo hotel property.
To this professional environment, Hotel Condo Services adds its special brand of
management for proper control and profitability. That is why you will
discover a noticeable positive difference when you walk into a HCS managed
condo hotel that has been developed by Hayes Reid, such as The Palms
Hotel & Villas near Disney World. These "deciding differences" are a critical competitive advantage for
both Hayes Reid and HCS
that truly distinguishes us from other condo hotel developers and management companies."
--Thomas Hayes-- CEO of Hayes Reid Development Group, Inc.
Tom is a Registered Resort
Professional with the American Resort Development Association (ARDA) and
has twenty-five years development experience
HOW IS MANAGING A CONDO HOTEL PROPERTY DIFFERENT?
Q: HOW MUCH IS YOUR CONDO HOTEL MANAGEMENT FEE?
A: HCS charges a $150 condo hotel fee for
the Palms Hotel & Villas on a monthly basis; other locations
and condo hotels may vary
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Q: WHAT DOES THE CONDO HOTEL MANAGEMENT FEE
TYPICALLY INCLUDE?
A: All of the following apply at The Palms; other
condo hotels will vary:
- Arrange for home to comply with all state requirements to enable unit to be licensed for short term rental program
- License applications and renewals
- Advertise, listing and promotion of unit
- Managing reservations
- Managing Housekeeping services
- Provide a full "Guest service program"
- Administer payment of owner's bills in connection with HOA
- Monthly and Annual statements
- Oversee maintenance of unit
- Owner link
- Submit County and State sales tax monthly to tax collector
- Monthly general inspection of the unit
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Q: HOW SOON CAN MY CONDO HOTEL BE RENTED TO FIRST GUESTS?
A: Condo Management projects a period from 1 - 2 weeks from time when the agreement was signed. We need to make sure that the unit is inspected, fully furnished, all license applications are being processed and unit is 100% ready for first
condo hotel guests to rent. The above is for The Palms Hotel
& Villas and other condo hotels will vary.
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Q: IS IT TRUE THAT MY CONDO HOTEL UNIT WILL BE LICENSED AS A HOTEL?
A: Any individual or company renting accommodations for less than 180 days or less shall be required to register with
Florida state departments. One of them is the Florida Division of Hotels and Restaurants which will inspect your
condo hotel unit and approve it for a short-term rental program.
Other condo hotel locations and in other states may vary.
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Q: HOW AND BY WHOM ARE CONDO HOTEL RENTAL RATES SET?
A: Rental rates are set by shopping our competition both regionally and nationally, and setting rates appropriately in order to remain competitive. Rates may differ depending on the location and season.
This is generally true of all condo hotels.
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Q: HOW MUCH IS THE CONDO HOTEL RESORT TAX AND WHO IS RESPONSIBLE TO PAY AND COLLECT THIS TAX?
A: Osceola County Florida resort tax is 13.0% (consisting of 6.5% state sales tax and 6.5% tourist development tax). This tax is charged on top of the rental and paid by tenants, much the same as would take place with a hotel or motel. We do collect these taxes and submit them to appropriate agencies on a monthly basis in compliance with the law.
Other condo hotel locations in other states and counties may
vary.
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Q: WHAT IS THE ESCROW ACCOUNT AND WHAT IS THE MINIMUM DEPOSIT?
A: Escrow is operational, an interest bearing account that needs to be maintained all the time with the Property Manager,
with a minimum balance of $700.00. This is a client escrow, and by Florida Law, has to be maintained in a credit balance. We cannot use the funds in this account for anything other than expenses for your
condo hotel unit. Escrow laws may vary from state to state
but the basics will remain the same. No property manager
should co-mingle escrow account funds with their operational
funds for either the hotel or any associations
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Q: HOW CAN YOU HELP ME WITH CONDO HOTEL ADMINISTRATION AND ACCOUNTING?
A: Condo Hotel Management provides the owner with monthly accounting statements, showing income and expense, relating to their property in accordance with Property Management Agreement Expenditures (service charges, utilities, management fees and any miscellaneous charges). This is used at year-end to provide you and your accountant with an accurate record of your operating expense.
These are the professional practices of Hotel Condominium
Services and may vary from the practices of another
less-skilled manager.
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Q: HOW OFTEN CAN I USE MY CONDO HOTEL UNIT?
A: Condo hotel owners may occupy their
suite as much and whenever they desire, subject to availability.
Other locations and properties may vary from The Palms.
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Q: DOES PROPERTY MANAGEMENT CHARGE A RENTAL FEE TO THE OWNERS OR GUESTS OF THE OWNER FOR OCCUPYING THE
CONDO HOTEL UNIT?
A: If the owner or owner's guest stay in the unit, then there is no rental fee charged, however there is a charge of $20.00 per night for housekeeping.
This fee may vary with other managers at other condo hotels.
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Q: ARE ALL CONDO HOTEL RESORT AMENITIES AVAILABLE TO MY GUESTS?
A: Your guest is certainly welcome to use all resort and clubhouse amenities between 8 a.m. and 11 p.m., 7 days a week, while on vacation.
Other condo hotel properties may vary in their policy.
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Q: CAN YOU PROVIDE PROSPECTIVE CONDO HOTEL BUYERS WITH RATES AND OCCUPANCY PROJECTIONS FOR THE
CONDO HOTEL PROPERTY THEY ARE CONSIDERING?
A: This has been one of our most frequently asked questions! This is also the most difficult to predict.
No one can guarantee or always correctly predict occupancy. The economy, the weather, world conditions, and many other factors play important roles. How often you use your unit yourself for your family and friends, and at what time of the year,
are other important factors. Given near ideal circumstances, our experience has been that we achieve highest occupancy during winter and summer months. During the "slower" spring and fall months, we offer specials and discounts in an attempt to remain competitive with all other rental accommodations.
Be wary of occupancy promises from other less professional
managers.
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Q: WHAT OTHER CONDO HOTEL FEES MIGHT I EXPECT?
A: Property taxes that are approximately $60.00 per month, insurance for contents of unit are approximately $65.00 per month, and total association fees that will be approximately $408.00 per month.
These costs and fees will vary by location and management
company.
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Q: DO YOU ENCOURAGE CONDO HOTEL OWNER-BOOKED RESERVATIONS??
A: Yes, we do absolutely encourage our owners to market their
condo hotel suites to the maximum.
We actively help our owners with marketing advice to improve their ability to gain valuable, profitable
bookings to their properties.
Marketing should not be left as the sole responsibility of
your management company. This is your business and you
should actively be involved. other managers may vary
in their policies regarding owner generated bookings.
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Q: HOW WILL YOU ENSURE THAT MY CONDO HOTEL PROPERTY IS BEING WELL MAINTAINED?
A: Hotel Condo Services prides itself on providing the very best care for our owners' properties. Unlike most management companies, we inspect every
condo hotel suite that we manage and provide regular service to ensure that your investment is protected. We also monitor all properties and, with the owner's permission, perform emergency and maintenance repairs to your property to keep it in peak condition for guests.
Other managers may not be so particular so be aware of
policies and practices.
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Q: WHAT ARE THE REQUIREMENTS CONCERNING THE FURNISHING OF MY
CONDO HOTEL?
A: For the condo hotel suites to be placed in the rental program, it is necessary that the furnishings and
house wares meet specific standards of quality and quantity. Adherence to these standards helps ensure that our rental properties meet guests' expectations.
Make sure that your manager has a sound, professional
policy.
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Q: WHAT IS THE NAME OF THE CONDO HOTEL MANAGEMENT COMPANY?
A: The management company for Hayes reid
Development Group and other quality developers is Hotel Condo Services (HCS).
HCS is a
professional condo hotel management company made up of several managers and an area manager
who have all operated major hotel and condo hotel properties for
many years. www.hotelcondoservices.com
Be SURE that your manager has both broad hotel management
experience and specific condo hotel experience.
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Additional Condo Hotel Questions or Comments?
Use our "Contact Us" form to get in touch with us today.
..Thanks!
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