Condo Hotel Market
Virtually every single property that has come on the market to date has sold out in pre-construction. Most of these properties are mega high-rise buildings with on average 200-500 units, and with some in excess of 1,000 units. The speed with which these properties sell out is often as surprising to buyers as it is to the developers themselves. For example, the MGM Grand in Las Vegas, a 576-unit condo hotel, was expected to sell out in two years. It sold out in two months! The Platinum, a 255-unit property in Las Vegas, also sold out in just a matter of a couple months.