Buying condo inside hotel as investment property
I was looking at Orlando-area investment properties and noticed a few 1 or 2 BR condos for sale inside the Melia hotel in Celebration, FL. Apparently a developer sold a few condos in that building before the hotel bought it and took over/.
The condos are priced in the 100-130k range with high $1,200/mo HOA fees, but you're allowed to have the hotel put guests in there when you're not there. You can occupy it up to 26 weeks a year. I couldn't find any more details yet, but has anyone heard of anything like this before? Does it seem like a good deal, as long as you can get guests in there the majority of the time? It would be good for my family as we go to Disney often and could stay there at no charge, and collect money the remainder of the year, depending on of course if people stay in the room.