Condo Hotels – the Good, the Bad and the Ugly – taking the Mystery out of Condo Hotels and addressing Myths and Misconceptions

logochp- small logo     Richard B Evans, CHA, CHAE, CRME

The Definitive Writing on Condominium Hotels – Secrets unlocked…. here!

For the past 12 years (of a 25+ year hotel executive career) I have dealt with every aspect imaginable with regard to Condominium Hotels.  Certified in Hotel Accounting in 2002 (CHAE), Hotel Administration in 2003 (CHA), Hotel Revenue Management in 2009 (CRME) and participating in Executive Training at Cornel University in 1994 (GMP) I now serve as an EXPERT in the Condo Hotel field.  Currently my roles include that of Asset Manager, Advisor, Advocate, Owner Representative and/or Consultant for 3 and 4 diamond properties and in conjunction with Unit Owners, Board of Directors, Hotel Program Owners, Receivers, Judges, Attorneys and Certified Public Accountants.

12 years of condo-hotel service has provided particular insight into where Hotel Programs go astray, why owners have such mistrust and, I dare say, areas in which some hotel programs have not been forthright or transparent.  I have written Hotel Management Agreements (“HMA”) and Rental Management Agreements (“RMA”) with attorneys specializing in the same; providing important insights from the hotelier and also from the Unit Owners perspectives in order to provide for fair and balanced agreements.

     Condo-Hotels do work when carefully managed!  If the metrics in your particular condo-hotel are not working and adequate returns are not being provided to owners it means that (1) revenues are not being correctly driven to the property, (2) expenses are not being kept within historic standards established and proven in the industry and (3) quality control throughout the property is not maintained.  This all can be fixed.

     Many condominiums are now considering the acquisition of their hotel programs and in so doing, taking the reins of the hotel business in hand and, in turn enabling the realization of higher profits.  These profits are seen through (1) higher distributions to unit owners in the hotel program and/or (2) sharing in the profitability of the “ancillary revenues” (valet, restaurant, beach and gift shops) by all.  What’s more, new Hotel Management Agreements can be drawn that are fair and new RMA’s can be written enabling those who participate to earn the maximum allowable after a fair Management Fee (Operator Fee) – 3% to 5% of gross revenues.

The purpose of this BLOG is to provide the reader with insights that were never before available about the inner workings of the Condo Hotel.  Areas to watch, ways to increase your return and MEASURABLE STANDARD METRICS in the industry that you can compare your program too will be provided.   Answers to age-old questions like how much should my unit be generating, are we generating amounts equal to similar condo hotel properties and are the rates being charged high enough, will all be answered.

I am pleased to tell you that I am writing a book entitled “The Definitive Study of CONDO-HOTELS” (to be released on April 1, 2013) and working with several universities in creating ciriculums on the same.

The best BLOGS are ones in which people share their experiences so please do not hesitate to do so.  I can also be contacted at RichE@CondoHotelProfessionals.com . Thank you for your interest.  I will update our BLOG on regular basis.

Sincerely,

Richard B. Evans, CHA, CHAE, CRME, 786-897-0652, CondoHotelAnswers@Gmail.com, CondoHotelAnswers.com

About Condo Hotel Answers by Richard Evans CHA, CHAE, CRME

Selected Current & Former Accomplishments ◾Currently preparing as event organizer, keynote speaker and lecturer for the first “Annual Condo-Hotel Conference“, Miami, Florida - sponsored by Florida International University (FIU), Greater Miami Convention & Visitors Bureau (GMCVB) and the Miami Hotel Association – June 21 & 22, 2013 at FIU North Campus. ◾Authoring “The Definitive Study of Condo-Hotels” for FIU and Other University use. Expected publication date is June, 2013 ◾Current BLOGGER: www. CondoHotelAnswers.com ◾Currently sitting on FIU panel to organize series of Revenue Management Programs. ◾May 17, 2013 - Panel member and assist FIU; Revenue Management: The Hotel in 2020 ◾Currently creating FANTASY REVENUE MANAGEMENT competition for Revenue Managers. ◾Current President of Condo Hotel Professionals LLC ◾Current volunteer to HFTP in making Condo Hotel Financial Statement suggestions toward better clarifying the financial position of the Condo-Hotel. •CHA – Certified Hotel Administrator – American Hotel & Lodging Assoc •CHAE – Certified Hospitality Accountant Executive – Hospitality Financial & Tech Professionals •CRME – Certified Revenue Management Executive – Hospitality Sales & Marketing Assoc Int’l •GMP – Cornell University Executive Training – Ithaca, New York •Produced: 3 Symphonies, Broward County – Symphony of the Americas raised funds for Cystic Fibrosis – Symphony of the Americas •Bachelors Degree: Long Island University – Accounting •Board of Director – Greater Miami Convention & Visitors Bureau •Board of Director – Ocean Drive Executive Committee, South Beach •Board of Director – North Beach Hotels, North Beach •Board of Director – SOBE TMA, SOBE •City of MB Transporation & Parking Committee – Task Force representing all MB hotels •Liaison with former Mayor Neisen Kasdin & all Miami Beach hotels / GMCVB Speaker - Revenue Management (Yield Management, Optimization)
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7 Responses to Condo Hotels – the Good, the Bad and the Ugly – taking the Mystery out of Condo Hotels and addressing Myths and Misconceptions

  1. I have been browsing on-line greater than 3 hours today, but I by no means found any interesting article like yours. It is pretty price sufficient for me. In my view, if all webmasters and bloggers made good content material as you probably did, the internet will likely be a lot more helpful than ever before.

  2. bizzardtools says:

    I agree, the problem is getting managers/decision makers to bring their heads up and look at this stuff. That in itself is its own blog.ed

    • Hi Ed, thanks for the note. We’re gearing the blog primarily to the condo hotel unit owner and Condo Board of Directors. The writing wouldn’t be complete, however without a hotel component so I’ll include that as well. There are some drastic differences in applying theory in a condo-hotel setting that greatly differs from the traditional hotel. Stay tuned! 🙂 RichE

  3. Yes I am agree with you.

    • Please stop by again and thanks for your note. It seems that you and I may share the same passion; I speak and teach revenue management and based on your email address am guessing that you may do the same! In fact, one of the bloggers below (Ed) was a co-chair with me in Orlando several years ago in beginning and advanced Revenue Management course! 🙂 RichE

  4. Thanks a lot for sharing this with all folks you actually know what you’re speaking about! Bookmarked. Kindly also consult with my website =). We will have a link alternate agreement among us|

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