While you may have visions of Eloise living her perfect hotel life, the Toronto hotel-condo scene is a little different in Toronto than our sister city in New York. It may seem like the ideal situation at first glance, with the access to amenities, concierge services, and luxurious feel. However, there are a few aspects to living in a hotel that you may want to know about before committing.
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What Are The Benefits To A Buyer?
In some buildings — like One King West — when you own a suite, you can actually allow it to be rented out by the hotel for additional income. The only drawback to this is the amount of days per year you can block off for your own use of the space.
Other buildings, such as the Shangri-La or St. Regis offer you (the owner) the full range of hotel amenities but from a “residents only” lobby. This not only ensures total privacy but also offers the residents a personalized concierge who’s sole focus is the residents and not hotel guests.
Can I Renovate My Unit?
Like most non-hotel condos, you can renovate your unit subject to board approval.
On the other hand, a unit in the rental pool will not allow you to renovate as all units must have the same finishes, feel, and furniture.
Once you renovate your suite, you can no longer have your unit collecting revenue from the rental pool BUT you can rent out your unit to a long term tenant.
How Much Do Hotel Condos Cost?
That’s like asking how much a car costs. It varies by region, city, as well as level of luxury.
You can get a traditional hotel style studio at One King West anywhere between $350,000 – $500,000 or a luxurious penthouse at The St. Regis priced from $6,000,000 – $30,000,000.
On average, a unit in one of Toronto’s luxury branded hotel condos (The Ritz Cartlton, The Four Seasons, The Shangri-La Hotel and The St. Regis) will cost anywhere between $1,500,000 – $2,000,000
Is A Hotel Condo Right For Me?
Only you can answer that. If you are looking for a luxurious build, elite concierge services and world class amenities, then yes. If budget is of concern, then no.
It’s not for everyone. Maintenance fees and taxes are generally higher than condos not combined with hotels.
As always, we recommend working with a real estate professional who knows Toronto and the condo scene to help guide you.