TIME SHARE AND CONDOMINIUM HOTELS: Time-share hotels are referred to as the vacation ownership hotels. The concept is that for a set period which may be one week or more in a year the person gets the right to enjoy stay and other facilities and services in an apartment are any other type of lodging in a tourist complex. It is like advance purchase of time in holiday accommodation. Here the purchaser has to pay a one time capital sum and then annual contribution towards the maintenance of the property. The fee usually covers services such as cleaning and maintenance of apartment and public areas, electricity, gas, water, etc. Avelon resorts. Sterling resort, mahindra holding etc. are the few time-share hotels in India.
Condominiums involve a joint ownership of a complex. Each owner has the full benefit of a unit and shares the cost that is common to the entire complex such as taxes, maintenance, upkeep of building etc. each owner can occupy or sell his unit independently but is obliged under the terms of contract to contribute towards the pool of common facilities and services. The owner can enjoy recreational exclusive to the complex and the management looks after the unit in the absence of the owner and if permitted by the owner let it out to provide income to him.
