- The hotel condominium business model works on the basis of apartments being designed and developed to be marketable as leisure real estate for outright purchase by individual owners, while providing effective hotel room inventory when owners, themselves, are not occupying their vacation homes. Successful condo resorts incorporate traditional hotel central facilities for the enjoyment of condo owners and hotel guests who are paying a nightly rate for accommodation. Typically, these facilities include restaurants, bars, a spa and gym, meeting space, beach facilities and a well-staffed reception/concierge desk.
- As a Bermudiana Beach condo owner you will benefit from modern, carefree ocean-front living while generating an income from your condo when you are not in Bermuda.
- The condos are usually designed to function as one, two or even three bedroom hotel suites, with a small kitchen and dining area, but with the potential for individual en-suite bedrooms to be “locked-off – meaning that these rooms can be accessed separately and occupied as individual “hotel type” rooms. This flexible design assists in reaching higher occupancy levels year-round and higher nightly rates than are typically achieved by conventional apartments, being marketed as traditional self-catering accommodation. The architectural and interior design aspects of the apartment layouts must be carefully contrived to achieve the best end result, whereby the usage requirements of both the condo owner and the hotel guest are met to a satisfactory level.
- Revenue from the nightly rental business is split between the apartment owner and the hotel management company. At Bermudiana Beach the split is 40% share of Net Rental Income to the owner and 60% to the hotel management company.
- The operating company then covers the costs of all hotel services out of its 60% split and retains the balance as profit. The condo owner must still pay homeowner association charges.
- Owner occupancy is normally restricted to a certain number of days each year and by season.
- At Bermudiana Beach Owners are restricted to 90 days usage each year with certain seasonal restrictions.
- You wholly own the property, which leaves the remainder of the year available for rental.