Condo Hotels Appeal to U.s. Baby Boomers

by : Joel Greene

With more baby boomers approaching retirement age each year, (approximately 75 million will retire within the next 15 years in the U.S.) and a large number of them looking for second homes, condo hotels are a concept that is gaining widespread popularity.

This new real estate trend allows individuals to own a hassle-free condominium within a luxurious hotel or resort. As owners, they can enjoy all of the amenities and services of the hotel. Best of all, when they're not using their condominium, it can be placed in the hotel's rental program, where it will generate revenue, helping to offset the costs of ownership.

Condo hotels, or 'condotels' for short, are usually high-rise, luxury buildings in high-demand locations, such as Las Vegas, Orlando and Myrtle Beach. They have the look and feel of world-class hotels with many of the same perks and amenities, from on-site restaurants and resort-style pools to housekeeping and concierge services.

The difference is that each suite is an individually-owned condominium unit. The hotel management company takes care of operating the hotel's various departments and offering guest services along with maintaining and renting out the condominium units.

Condo hotels have particular appeal to baby boomers, who are just now hitting financial peaks in their careers and are also inheriting hefty sums of money from their parents.

These boomers are in a position to travel more than ever, and owning a vacation home, which they can visit on a whim, makes travel easier. A second home is even a status symbol to some, like owning a fancy car.

Many baby boomers are also looking to invest in real estate as an alternative or supplement to investing in the stock market. They love the hassle-free nature of condo hotels.

Many brand-name hotel chains have jumped at the chance to meet the baby boomer demand for condo hotels including Hyatt, Ritz-Carlton, Hilton, Four Seasons, Sonesta, Starwood, Clarion, Regent International, Rosewood, Conrad Hotels and Le Meridien. All have condo hotels either in operation or in development.

But probably the brand that has received the most notoriety and had the most sales success is Trump International, a name made famous around the world by real estate mogul Donald Trump.

The Trump International Hotel & Tower has come to represent the epitome of prestige and refinement in the condo hotel industry, offering upscale amenities to meet the high expectations of today's baby boomer.

Infinity pools, full-service spas, state-of-the-art fitness centers, gourmet restaurants, private libraries and butler service are just a few of the features available to owners of Trump condo hotel units.

Trump International condo hotel properties are available at several locations in Florida such as Fort Lauderdale. The upscale condo hotel developer has also made his way to Hawaii with a condo hotel in Waikiki currently under construction. That property set a record for U.S. residential sales when it sold all of its 460 condo hotel units on opening day and turned away many more buyers.

Theater, nightlife and the excitement of New York are all available in downtown Manhattan at Trump's SoHo condo hotel. For those who say the Big Apple is not for them, there is the Trump Chicago or Trump New Orleans.

Trump has recently gone global. Trump International properties are under development in Toronto, Canada; Dubai, UAE; Panama City, Panama; and Baja, Mexico.

Because of cheaper land and labor costs, the pricing of Trump International properties in countries like Panama and Mexico is often far less than that for U.S. Trump properties, making them all the more appealing to investors.

Regardless of the location, a Trump condo hotel offers the ultra-upscale lifestyle that has come to define the Trump brand and have special appeal to today's baby boomer.

Many who purchase a Trump condo hotel say they enjoy the thrill of owning a Trump as much as the actual use of an elegant second home. They also are quick to point out the condominium's appreciation potential.

As world-class properties in prime locations, Trump condo hotels are a welcome addition to any investment portfolio.

For baby boomers and others considering the purchase of a second home, a condo hotel residence is worth careful consideration. And when choosing between properties, it's the Trump brand that has become synonymous with prestige and excellence in the condo hotel industry.