By David T. Schubauer and Amy Podolsky

The real estate market is back and with it has come renewed interest in building condo hotels, especially in popular vacation destinations such as Miami, Orlando and Las Vegas. Condo hotels were very popular among foreign investors in the last real estate cycle and there are signs that trend is about to repeat.

A condo hotel is exactly what it sounds like—a condominium building that has hotel-type operations and amenities. Condo hotel units typically are sold to individual buyers and units are rented to visitors as hotel rooms, with unit owners receiving a portion of the rental revenues. Recent changes in Securities and Exchange Commission rules make condo hotels easier to market and finance.

Developers often rely on down payments on unit sales to help finance their projects. For that reason, it is in developers’ interests to efficiently and as quickly....

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