Reply-To: "Merilee:::Kern Communications" From: "Merilee:::Kern Communications" To: Subject: BusinessWeek.com Date: Wed, 15 Apr 2009 10:16:18 -0700 MIME-Version: 1.0 Content-Type: multipart/related; type="multipart/alternative"; boundary="----=_NextPart_000_0184_01C9BDB3.37B1BAC0" X-Priority: 3 X-MSMail-Priority: Normal X-Mailer: Microsoft Outlook Express 6.00.2900.5512 X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.5579 This is a multi-part message in MIME format. ------=_NextPart_000_0184_01C9BDB3.37B1BAC0 Content-Type: multipart/alternative; boundary="----=_NextPart_001_0185_01C9BDB3.37B1BAC0" ------=_NextPart_001_0185_01C9BDB3.37B1BAC0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable http://www.businessweek.com/the_thread/hotproperty/archives/2009/04/whats= _it_like_t.html?chan=3Dtop+news_top+news+index+-+temp_news+%2B+analysis What's it Like to Own a Vegas Hotel Room? Posted by: Chris Palmeri on April 13 The idea of the condo-hotel was a big fad during the housing boom. It = was great for real estate developers like Donald Trump because they = could get small investors-who were crazy for anything to do with real = estate-to pay for the construction of their new hotels. Then the = developers rent the rooms out to guests just like any other hotel and = split the profits with the investors. MGM built three big condo-hotel towers adjacent to its MGM Grand hotel = on the Vegas strip in 2006. Even the entry-level 500 square foot suites = were selling for half a million dollars each. How did the investors do? = Well, there have been a series of lawsuits from some who say MGM duped = them into believing the room revenues would be huge and the company = violated SEC regulations by selling unregistered investments. Personally = I remember touring the properties and not hearing any specific = references to future room rates or occupancies. You can read about the = lawsuits at signaturecondohotellitigation.com. Many of the units are now for sale, as everything else is in Vegas these = days. Local real estate agent Robert Jenson was kind enough to send me = some info on a typical unit. You can buy a Signature suite now for = $175,000. In 2008 the room was rented 226 nights at an average of $101 = per night for a total of $22,000 in rental revenue. MGM collected = $11,000 in various management and maintenance fees, including replacing = the shower moldings. As the building ages, those fees could rise. Room rates have plummeted recently. MGM has lately been advertising $129 = a night packages at the Signature suites. That includes two free = breakfasts, two free drinks and $35 in other entertainment credits. In = Feb. of 2009 our sample unit was rented for 26 nights, a decent = occupancy for a short month, but room revenues were only $70 a night for = a profit of $800 to the owner.=20 That $800 sounds like nice money but remember you still have to cover = roughly $300 a month in property taxes and any mortgage you have from = that. Realtor Rob Jenson notes that for the same price you can own a = nice house in Vegas that you can rent for $1,300 a month. Of course then = you can't use it whenever you want. I'm told the Signature suites are a nice place to stay because you're a = bit removed from the casino floor. I'm not crazy about owning a hotel = room, though. It's kind of impersonal. You can't even leave a photo of = your family on the nightstand. Well, since this is Vegas maybe you = wouldn't want to. MGM's been in the news lately because it's been struggling to finance = its $8.6 billion City Center project just down the street from the MGM = Grand. It involves sales of over 2,500 condos or condo-hotel rooms at = prices starting at-you guessed it-$500,000 each. With the track record = of the previous buyers down the block, it's not surprising sales have = been slow. ------=_NextPart_001_0185_01C9BDB3.37B1BAC0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
http://www.businessweek.com/the_thread/hotproperty/archives/2009/= 04/whats_it_like_t.html?chan=3Dtop+news_top+news+index+-+temp_news+%2B+an= alysis
 
3D"BusinessWeek

What's it Like to Own a Vegas Hotel Room?

Posted by: Chris Palmeri on April 13

3Droom.jpg=20


The idea of the condo-hotel was a big fad during the housing = boom. It was=20 great for real estate developers like Donald Trump because they could = get small=20 investors=97who were crazy for anything to do with real estate=97to pay = for the=20 construction of their new hotels. Then the developers rent the rooms out = to=20 guests just like any other hotel and split the profits with the = investors.

MGM built three big condo-hotel towers adjacent to its MGM Grand = hotel on the=20 Vegas strip in 2006. Even the entry-level 500 square foot suites were = selling=20 for half a million dollars each. How did the investors do? Well, there = have been=20 a series of lawsuits from some who say MGM duped them into believing the = room=20 revenues would be huge and the company violated SEC regulations by = selling=20 unregistered investments. Personally I remember touring the properties = and not=20 hearing any specific references to future room rates or occupancies. You = can=20 read about the lawsuits at signaturecondohote= llitigation.com.

Many of the units are now for sale, as = everything=20 else is in Vegas these days. Local real estate agent Robert Jenson was = kind=20 enough to send me some info on a typical unit. You can buy a Signature = suite now=20 for $175,000. In 2008 the room was rented 226 nights at an average of = $101 per=20 night for a total of $22,000 in rental revenue. MGM collected $11,000 in = various=20 management and maintenance fees, including replacing the shower = moldings. As the=20 building ages, those fees could rise.

Room rates have plummeted recently. MGM has lately been advertising = $129 a=20 night packages at the Signature suites. That includes two free = breakfasts, two=20 free drinks and $35 in other entertainment credits. In Feb. of 2009 our = sample=20 unit was rented for 26 nights, a decent occupancy for a short month, but = room=20 revenues were only $70 a night for a profit of $800 to the owner.

That $800 sounds like nice money but remember you still have to cover = roughly=20 $300 a month in property taxes and any mortgage you have from that.=20 Realtor Rob Jenson = notes that=20 for the same price you can own a nice house in Vegas that you can rent = for=20 $1,300 a month. Of course then you can=92t use it whenever you=20 want.


3Dsignature.jpg=20


I=92m told the Signature suites are a nice place to stay because = you=92re a=20 bit removed from the casino floor. I=92m not crazy about owning a hotel = room,=20 though. It=92s kind of impersonal. You can=92t even leave a photo of = your family on=20 the nightstand. Well, since this is Vegas maybe you wouldn=92t want = to.

MGM=92s been in the news lately because it=92s been struggling to = finance its=20 $8.6 billion City Center project just down the street from the MGM = Grand. It=20 involves sales of over 2,500 condos or condo-hotel rooms at prices = starting=20 at=97you guessed it=97$500,000 each. With the track record of the = previous buyers=20 down the block, it=92s not surprising sales have been=20 slow.

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