Condo-Hotels the Basics

Condo-Hotels and short term rentals are a hot topic when it comes to investors and owners who want the incentives of ownership in Las Vegas but the freedom to have a property generate income while they are away. We've broken down the four most popular condo-hotels on and near the Las Vegas strip and share some insight on how you can turn them into properties that generate income.
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MGM Signature

  • Best known condo-hotel
  • Direct strip access via an air-conditioned indoor hallway to the MGM Resort and Casino
  • Three different towers each with its own pool and gym.
  • Sits right next to the New Top Golf which is like a “dave and busters” for golf, nightlife, and fun.
  • Fully financeable with the right lender
MGM Signature: 125, 135, 145 E Harmon Ave
Prices from the low 200s
HOAs are 1.50/sqft

Trump

  • If you can get over the name this condo-hotel is expected to rise in value with the announcement of two projects nearby.
  • AAA, four-diamond resort winner
  • One of most pristine-ly well kept condo-hotel on the market in this price point
  • Located across from the Fashion Show Mall and across from the Wynn/Encore Resort and Casino
  • Next to a vacant plot of land called Resorts World (a project estimated to hold more hotel rooms then the MGM) which started construction this year, and expects the first phase of it’s project to open 2020
Trump: 2000 Fashion Show Drive
Prices from the 200s
HOAs are 97/sqft

Palms

  • It’s popular among poker players, long term vacation stays and with people who temporarily move to Vegas for work
  • Fully self-contained property with multiple pools, a spa, a gym, tanning salon, movie theater, and restaurants
  • Off the strip location with close proximity to freeways and China Town
Palms Place: 4381 W Flamingo Rd
Prices from the low 200s
HOAs are 90/sqt

Vdara

  • City Center Location in a 9.2 billion dollar neighborhood
  • 98% hotel occupancy rate for the year
  • Smoke-free and gaming free hotel
  • Easy walkability to anywhere on the strip and access to a free tram that connects to major strip hotels
Vdara: 2600 W Harmon Ave
Prices from the low 400s
HOAs are 1.12/sqft

MGM Signature

  • Best known condo-hotel
  • Direct strip access via an air-conditioned indoor hallway to the MGM Resort and Casino
  • Three different towers each with its own pool and gym.
  • Sits right next to the New Top Golf which is like a “dave and busters” for golf, nightlife, and fun.
  • Fully financeable with the right lender
MGM Signature: 125, 135, 145 E Harmon Ave
Prices from the low 200s
HOAs are 1.50/sqft

Trump

  • If you can get over the name this condo-hotel is expected to rise in value with the announcement of two projects nearby.
  • AAA, four-diamond resort winner
  • One of most pristine-ly well kept condo-hotel on the market in this price point
  • Located across from the Fashion Show Mall and across from the Wynn/Encore Resort and Casino
  • Next to a vacant plot of land called Resorts World (a project estimated to hold more hotel rooms then the MGM) which started construction this year, and expects the first phase of it’s project to open 2020
Trump: 2000 Fashion Show Drive
Prices from the 200s
HOAs are 97/sqft

Palms

  • It’s popular among poker players, long term vacation stays and with people who temporarily move to Vegas for work
  • Fully self-contained property with multiple pools, a spa, a gym, tanning salon, movie theater, and restaurants
  • Off the strip location with close proximity to freeways and China Town
Palms Place: 4381 W Flamingo Rd
Prices from the low 200s
HOAs are 90/sqt

Vdara

  • City Center Location in a 9.2 billion dollar neighborhood
  • 98% hotel occupancy rate for the year
  • Smoke-free and gaming free hotel
  • Easy walkability to anywhere on the strip and access to a free tram that connects to major strip hotels
Vdara: 2600 W Harmon Ave
Prices from the low 400s
HOAs are 1.12/sqft

You have a few options to make these units into income property:

 

  • Condo-hotel program 50/50 split and of course this is subject to nightly hotel rental rates and the city vacancy factor. Hands-off investors love this model because the hotel takes care of all the work
  • Property managed by a listing agent on a month to month basis, you can collect deposits, run credit and background, they work great for people who are here on business, for conferences or poker players. Typically speaking you can charge a premium for occupancy on a short term basis.
  • Privately managed hosting company to Airbnb your unit. You can have a Super Host manage all the aspects involved with marketing your property on the platform, manage bookings, cleanings and security. Think of the small percentage you’re paying out as a big bottle of Tylenol for not dealing with the headache of day to day asks of guests.
  • Of course, you can always opt to manage the unit yourself and allows friends and family to get first dibs on the calendar.
Keep in mind that you can still buy for less than these buildings cost to construct and prices are still low. Las Vegas market is quickly recovering but there are still deals to be had.
Shoot me an email with your questions about condo-hotels, making them into your next investment property or about any property here in Las Vegas.