Provident Resorts

COMMON SENSE

THE COMMON SENSE APPROACH TO UNDERSTANDING
A CONDO HOTEL INDUSTRY FORMULA FOR SUCCESS
Words of Wisdom on the Condo Hotel Industry From Provident Hotels & Resorts

CLEARWATER, Fla. (November, 2008)- Applying its own pearls of wisdom, gleaned from nearly 30 years experience, Provident Hotels & Resorts, leading full service condominium hotel management organization, is helping to demystify the condominium hotel industry, one saying at a time.

Here are a few common sense sayings that succinctly and understandably summarize the do’s and don’ts to a successful venture into today’s condominium hotel industry.

· YOU REAP WHAT YOU SOW
Create the structure of the condominium development and rental agreement so they are fair and equitable for both unit owners and developers alike. Inequitable arrangements will inevitably and always bite you in the you know what.

· A ROLLING STONE GATHERS NO MOSS
Condominium Hotels work best when purchased for multiple reasons, including personal owner use, enjoyment of superior amenities, plus rental revenue and appreciation opportunities. They seldom work as stand alone, hands off investments.

· A CHAIN IS AS STRONG AS ITS WEAKEST LINK
All aspects of the condominium hotel facility must be carefully considered on the front end. A deficiency in one area or aspect can weaken the entire future operation of the project.

· A HOUSE DIVIDED CANNOT STAND
Hotel Management must find a way to successfully coexist with the unit owners and the homeowner association.

· CHOOSE YOUR NEIGHBORS BEFORE YOU BUY YOUR HOME
Location, location, location. Condo hotels generally work best in leisure vacation home destinations.

· IF YOU DO WHAT YOU HAVE ALWAYS DONE, YOU WILL GET WHAT YOU ALWAYS GOT
Every condo hotel is different from one another and can be improved upon. You must learn from your experiences, be creative and adapt to what you have learned.

· EXPERIENCE IS THE MOTHER OF WISDOM
There is no substitute for hands on experience in a very complex environment.

· GIVE A MAN A FISH AND YOU’LL FEED HIM FOR A DAY, TEACH A MAN TO FISH AND YOU’LL FEED HIM FOR LIFE
If you don’t know the intricacies of the condominium hotel industry, find someone who does, and then substantiate it. The world is full of self-professed “experts,”but experience is key.