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Is there anyway to take out a second mortgage on a hotel property in addition to an inital loan in order to acquire it? The price of the hotel is in the $5 million ballpark.

Wow is right if it actually covers the mortgage payments to keep the cash flow positive every month. Anyone have any experience with these type of condos?

Basically, it is a condo inside of a luxury hotel that you can buy and enter into a hotel's rental program. By doing so, the hotel rents out your condo to their customers and usually splits the room rate. The whole idea is that your condo will have nation wide marketing from the name brand hotels (Hilton, Starwood ect) and your room will be filled more often then a regular vacation condo would. Also, the building your condo is in is always kept up to date since it is a luxury hotel.

There is more information here; http://www.condohotelcenter.com/condo-hotels/faqs.html

Let me know what you think.

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