Here is a contribution from Branden Lewis who runs www.CondoHotelMarketplace.com
Owners’ at the new Palms Place condo hotel in Las Vegas are pleased with early results
Not only did May feature the grand opening of the new Palms Place condo hotel in Las Vegas, but it also marked the first full month that owners could participate in their optional rental program. And the early results look impressive!
While the U.S. economy and the Las Vegas travel industry have both experienced major slow downs in recent months, the latest addition to the Palms family has managed to open it doors with a bang. In addition to several sold out nights in the month of May, Palms Place owners’ seem to be happy with the higher than expected nightly rates they were able secure. “Our mountain-view studio suite was booked 23 out of the 31 available nights in May and rented for an average nightly rate of $211. With occupancy levels near 75% and a rental agreement that doesn’t nickel and dime its owners with fees, Palms Place is setup to be a wild success” claims Todd Spence, CEO of TAS Properties LLC, a real estate investment company that owns condo hotel units around the world. “Other Las Vegas condo hotels have been able to deliver amazing properties in highly desirable locations, but have missed the boat on how to manage their owners’ expectations by overcharging them with fee’s and failing to treat them as true business partners.”
Even though individual units at Palms Place remain sold out, several other condo hotels in Las Vegas are available on the resale market, including units at MGM Signature, Platinum, and Trump International. In addition, MGM City Center’s condo hotel, Vdara, is still accepting reservations at pre-construction pricing. For more information on owning a condo hotel at one of these properties please call 866-469-6060 or visit www.condohotelmarketplace.com.
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