Scottsdale, AZ | The Las Vegas condo hotel market is sizzling hot with record sales and consumers appear to embrace the condo hotel concept with open arms and open wallets according to the recent market review of the Las Vegas strip completed by the National Association of Condo Hotel Owners. With little historical data to draw from, since this is the first time residential real estate has been made available on the Strip, the National Association of Condo Hotel Owners is truly surveying virgin territory on behalf of its membership.

The Las Vegas market is the first of several market reviews to be completed by the association. These reviews provide the Associations’ members with realistic guidance as to the benefits and costs a condo hotel unit owner can actually expect in a specific market. Equipped with this information members can make realistic projections of an annual rate of return for their purchase. Future market reviews will include Orlando and Miami later this summer. The Las Vegas review is available online to association members at www.nacho.us. The website also offers many enhanced features and resources since its launch last month.

The market review presents some exciting revelations for association members that will help potential condo hotel buyers navigate the flourishing Las Vegas market. Luxury segment owners and buyers will be thrilled to hear the good news that demand growth has kept up with supply growth, with 99% of new hotel rooms absorbed into the market within three years of opening. For upscale segment buyers, however, the absorption rate does not paint as rosy a picture for strong occupancy rate, but still shows a slightly better potential rate of return for unit owners in this segment than the luxury segment. The full review is available to association members on their website .

The study divided the Las Vegas Strip hotels and condo hotels into two segments: luxury and upscale based on data provided by Smith Travel Research, Inc. The luxury hotels include well- known names such as the Four Seasons Hotel Las Vegas, Bellagio, The Venetian Resort Hotel Casino, Wynn Las Vegas, Paris Las Vegas, and MGM Grand Las Vegas among others. Upscale hotels include: Mirage Las Vegas, Excalibur Hotel Casino Las Vegas, New York-New York Hotel & Casino, Harrah’s Las Vegas, and the New Frontier Hotel Casino.

The National Association of Condo Hotel Owners supports the continued sustainable growth of the condo hotel industry. Its ultimate goal is to enhance condo hotel values and developments throughout the industry. This is done by providing a network where unit owners can determine costs associated with a specific property, make more informed decisions regarding a purchase, and ultimately, obtain information where expectations can be met. According to the Association’s President and CEO, Dante Alexander, “Condo hotels are more often the best economic choice available for vacation and secondary residences and we provide potential purchasers with the necessary data to make an informed decision. Mark Lunt, an Ernst & Young lodging analyst, said it best: ’Without information like this, it’s like buying a stock without checking the prospectus.’" “The Association’s rating service provides a potential purchaser with an objective assessment that can help fill the information vacuum. Viable projects that meet the informed expectations of unit owners will contribute to the health and sustainability of the condo hotel segment,” said Russ Savrann, of Graham & Dunn PC, counsel to the Association.

Dante Alexander, the Founder, President and CEO of the National Association of Condo Hotel Owners, who is also President and COO of Hybrid Lodging LLC, brings more than twenty years of senior management experience in the hospitality industry, including the areas of finance, operations, and development. His strong leadership skills are linked to his broad range of experience with Starwood Hotel & Resorts Worldwide gained over the course of his eight year tenure where he is credited with enabling the company’s explosive growth from 33 hotels in 1996 to one of the world’s leading companies.

Founded in 2006, the National Association of Condo Hotel Owners is a nonprofit association serving condo hotel unit owners as well as developers and hoteliers. The Association is committed to the overall success of the condo hotel industry as well as the satisfaction of unit owners. More information about the Association and membership can be found at: .

Teresa Delaney
212 683 4343