Navigating the Lap of Luxury - The Business of Condo Units in High-End Hotels

A hotel is often viewed as simply a weigh station; a temporary rest stop for the active wanderer. With the recent news that Anbang Insurance Group, the Chinese company that purchased the Waldorf Astoria, plans to convert up to 1,000 out-of-circulation units in the hotel to condominiums—as reported by E.B. Solomont in The Real Deal late last month—that iconic establishment joins several other luxury properties in the growing mixed-use hotel/residential game. But condominiums and hotels have very different politics in regard to their day-to-day operations, which begs some questions: Who oversees the maintenance of the former? What's the overlap between the two internal structures? What sort of buyer even seeks to purchase a unit within a hotel? Click here for the full article.