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sandwindstars

  • Here is some information relating to a Condotel that I am buying - Ultima Residences - Ramos Tower. Turnover date December 2011

ramos-day.jpg layout.jpg

 

I did not buy it to live in, but rather the Lifestyle that came with it (Club Ultima Membership with 70% Discount).

 

This gives free use of Gym, Swimming Pool, Library, Family Games room, 1st hourof Snooze lounge with massage chairs. 40% Discount off 'A la Carte' Menu, and use of the monthly Php500 Vouchers can give Buffer Lunch or Dinner to certain Restaurants on different weekdays. Pay your Monthly dues in Advance Php12,700, and you get all 12 months Php500 Vouchers and extra Nights accommodation, making it 2 nights.

 

My wife gets to become a life Member as does my Dad, but we don't have any children under age 21 to become Members also. One can use Swimming Pools and Gym of other Crown Regency developments also.

I did not NEED a Home Loan for the Ramos Tower Condo as I am using the in-house 0% Financing of FTRDC over 18 months

Condo hotel

From Wikipedia, the free encyclopedia

A condo hotel, also known as a hotel-condo or a Condotel, is a building used as both a condominium and a hotel.

Condo hotels are typically high-rise buildings developed and operated as luxury hotels, usually in major cities and resorts.[1] These hotels have condominium units which allow someone to own a full-service vacation home. When they aren't using this home, they can leverage the marketing and management done by the hotel chain to rent and manage the condo unit as it would any other hotel room.[2]

There is Investment Income potential from renting it out, either privately or by signing up to the Crown Regency Hotel managed Condotel Program. However the Contract is for 10 years so needs careful thought.

 

Ramos Condotel Proposal kit

 

The Ramos Tower Condotel Program gives ones 30 days FREE use, but does not need to be in you own Condotel, but can be any of the Crown Regency Group, like Boracay for example.

This is just like a Hotel stay, with Rooms cleaned and linen/towels changed etc, The Ramos Tower Condotel Studio (28 sq m. as standard), has a small Kitchen with Fridge/Microwave etc

What if the unit owner was not able to use his day benefit in a year?

  • If their unit was rented out during their thirty (30) day allotment, they will receive rental share if it was rented out during that period.

Are there association dues to be paid once the Condotel unit is enrolled under the Lease-Back Program?

  • There are NO Association Dues or Maintenance Fees to be paid once a condotel unit is enrolled under rental pooling by the unit owner.
  • The condotel/hotel operator shall take care of the association dues, maintenance and security of their investment

How Does the Lease-Back Program Work
(Rental Pooling)?

  • Percentage sharing of Unit owners will receive monthly income based on the type of unit regardless of whether the unit was leased or not.
  • This is because RAMOS TOWER will pool together its entire total income from rental operations and distribute this to unit owners according to the percentage sharing based on gross income.

 

If the unit owner decides not to enroll his unit under the Lease-Back Program, will the unit owner be charged of Association Dues?

    • Yes, if a unit owner decides not to enroll his unit under rental pooling, the owner will be charged with monthly association dues and maintenance fees which will be determined later on by the condotel/hotel operator.

Using the lowest of their 'estimates' with 60% utilisation average, then my 28 sq m Unit, might get P201K pa Nett ROI (if I decide to sign up to such Condotel Leaseback Program for 10 Years).

 

Now one knows this could be wildly out and it not even reach the lowest of the Utilisation estimates. However these Ultima Residences are used as 'overspill accommodation for Crown Regency Hotel guests that discover no vacancies on the days they require (at lower room rate than the Crown Regency Hotel itself no doubt, but they still get to use all the Crown Regency and Club Ultima facilities).

 

I did go to AGODA on-line Hotel Reservation systems

Crown Regency Hotel & Tower

Osme

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Here is some information relating to a Condotel that I am buying - Ultima Residences - Ramos Tower. Turnover date December 2011   I did not buy it to live in, but rather the Lifestyle that

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