Condotel Unit Owners Know About HI's Tourism Decline Firsthand

Aloha Kakou:

This article from Monday's Honolulu Advertiser discusses how the current difficult economy is affecting the owners of "condotel" units. While not strictly the same as condominium ownership, this type of real estate investment also comes with risk.

When talking about force majeur, Steve Winter, vice president of Outrigger's condominium management division is quoted as saying, "The question is when do you pull the trigger. Hopefully we don't have to."

Also note the sidebar, which says some condotel owners are getting only 25% of unit revenue compared to that received by Outrigger Maui Eldorado owners.

http://www.honoluluadvertiser.com/article/20090713/NEWS01/907130346/Hawaii+condotel+unit+owners+feel+pinch+as+tourism+continues+to+fall