Kissimmee Heritage Park Resort > A Condominium Hotel
Is a full-service Condo Hotel in full operation with many amenities conveniently located next to Osceola’s Kissimmee’s Heritage Park Complex, home of the Houston Astros Base Ball Spring Training, Seal Hockey, The Silver Spurs Rodeo, Osceola Ghost Riders Arena football and many other sporting and non-sporting events. We are also located near all Central Florida Major Attractions including Walt Disney World, Universal Studios and SeaWorld. Minutes from the Orlando International Airport (MCO), Shopping, Restaurants and golf.
What is a condominium-hotel?
A condo hotel offers anyone the opportunity to own a furnished unit in a very desirable location with amenities and services not typically found in a residential condominium. The ownership is fee simple and since this is a purchase, the owner has the right to sell or transfer the property whenever they choose. The buyer may also benefit from appreciation and the tax advantages of owning real estate. When the guestroom owner is using the unit, they generally have access to all the amenities and services. When not in use, the owner may place the guestroom available to rent.
Is a rental management program offered?
Yes, the owner of a guestroom unit may choose to participate in the onsite rental management program offered by the hotel. Participation in the rental program is voluntary. Details of the program can be discussed with the onsite property management company (HCS). They are offering a 2 year preferred lease program.
What are the major benefits to an owner of a condominium-hotel Guestroom?
The most important benefit is fee simple ownership. When the unit is not in use, the owner has the ability to either rent the unit himself, with a third-party agent or through participation in the onsite property management company.
How is this different from purchasing a residential condominium?
Residential condominiums are primarily for annual and seasonal use. A condo-hotel operates as a hotel with transient (nightly) lodging as its primary function. The Hotel Operations Units (front desk, lobby, offices, etc.) are maintained by the preferred management company. These Hotel Operations Units are part of the Condominium Association and pay condominium dues. They are not, however, controlled by the Association. Owners may rely on access to common areas such as the pool and spa.
What are the owner's expenses of a condominium-hotel?
Real estate taxes, property insurance, mortgage payment (if financed), and monthly Condominium Association dues are paid by the owner.
What expenses are paid from my condominium dues?
Condominium dues are used to pay for maintenance of common elements including: life safety, maintenance, elevator repair and maintenance, building insurance, common areas and grounds maintenance, recreation equipment maintenance, reserves, refuse removal, water, sewer, pest control and utilities. See Condo-Doc for detail budget. Purchasing at pre-renovation prices, the builder will pay the association dues for the first 2 years.
Can the Guestroom be purchased by a corporation or by more than one individual?
Yes, corporations, 1031 exchanges, LLC’s or multiple unit owners may hold title to the property. However, in the case of multiple owners, a "designated owner" must be selected. The rental manager will not divide interests and statements, checks and notices will only be sent to the "designated owner".
Can I personalize my unit?
If you are not participating in the rental management program you may personalize your unit; however you must abide by the rules of the Condominium Association and governing law. If you are participating in the rental management program you may not. The guestrooms in the rental program must be consistent in design to provide the guest with a high quality hotel experience.
Are there any restrictions on the personal use of my condominium?
If you have not elected to participate in the rental management program, your personal use is unlimited and may stay 365 days a year. However, owners are restricted from occupying the unit as a permanent (homestead) residential residence.
Why Build a Water Feature?
Hotels with water features and interactive water slides statically have achieved higher occupancy and Average room rates annually than hotels with ordinary swimming pools. Hotels with water features do a superior job of attracting business during the slower shoulder months and the low months compared to hotels with just an ordinary swimming pool. When completed, it will not only make it a great place to stay, but an actual vacation destination.
The Kissimmee-Orlando Advantage…
Central Florida has one of the hottest housing markets not only in Florida, but in the entire world. The demand for homes is so great. The average real estate appreciation rate for 2004-05 was 27% (with the short term vacation rental market being higher). Kissimmee-Orlando sees average 40 to 50 million visitors each year.
Disclaimer:
It is against the US Department of Real estate and Security and Exchange Commission rules and regulations for sales associates to share any information about any potential rental management options with you. This information may only be obtained from the rental management company representatives directly. The rental management company representatives will only be able to share information relating to the rental history of comparable properties, which cannot be edited or compiled, and they will not be able to provide projections of rental rates and/or expected occupancies for the Kissimmee heritage park Resort.
