Ever bought a condo hotel?

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I am wondering if anyone out there has invested in condo hotels. I would like to know if the income supports the high asking price by the developer. Due to SEC rules, the hotel management company does not provide any financial infomation which makes the decision making process very difficult.

I'm looking to purchase one in either Myrtle Beach, NC or Miami, FL. I was hoping someone could share their experience in owning one and if the rent revenue covered the mortgage costs?

Thanks! :D