The Palms Hotel is a perfect example of an exciting new idea that has reached the Lowcountry real estate market.
The hotel, located on the Isle of Palms was previously a part of the Holiday Inn chain that underwent the process of converting to a condo-hotel. Investors own all the rooms, singly or in groups, and the facility will be run by a cooperative, similar to a typical condominium building. Guests who rent the rooms will see no apparent difference between a condo-hotel and a traditional hotel.
The Palms Oceanfront Hotel was a hot investment opportunity. A portion of the monthly room rent goes to the owner, while the management group keeps the remaining portion to cover the expenses associated with marketing, operating the front desk and other services normally provided by a hotel. An extensive marketing program is already in place.
Owners are able to enjoy a beach vacation for the minor cost of housekeeping and a small transaction fee because the rooms will be reserved for their use a set number of days during the year. Owners also will be able to use their rooms on days when they aren’t rented.
For more information about The Palms Oceanfront Hotel visit The Hotel’s Web site.