Investing in Ala Moana Hotel Condo

[amagab]

Anyone here have invested in a condo in the Ala Moana Hotel? Are you happy with your investments? Get a lot of rentals?

[Sharilyn]

We bought a studio awhile back when prices were inflated. You can get a much better price now. The Ala Moana hotel rental management takes 50 percent of the rent, so many handle their own rental or go with another company. Even with the 50% cut, we receive about $1200 to $1700 per month. That's all I know... this is my husband's thing.

[tutusue]

IIRC, parking doesn't come with a unit. It might be worthwhile to find out more about the parking situation should a guest choose to rent a car.

[Amati]

Great point about the parking. Lack of [or too high priced] parking definitely knocks out of the picture a whole bunch of potential renters.

[amagab]

Thanks for your replies. Yes, sure have to weigh in all the pros and cons. We're looking to buy an investment studio in or around Waikiki.

Sharilyn> How often, on average, is your Ala Moana Hotel studio rented per month when going through the hotel rental management?

Mahalo!

[tutusue]

I was interested in purchasing an AMH unit in 2007 to use as an office/town crash pad. Lack of parking knocked it out of contention. I just checked a couple of listings for studios and noticed the monthly maintenance fee for under 250 sq ft is $673. That seems unusually high compared to other buildings I'm familiar with. As an investment it does intrigue me, tho'!

[amagab]

Yes, the monthly maintenance fee is quite high, although it includes pretty much everything. A parking spot would have been nice.

[tutusue]

Yes, the monthly maintenance fee is quite high, although it includes pretty much everything. A parking spot would have been nice.

The buildings I'm comparing it to also include everything. Of course, that's everything those particular buildings have to offer! The amenities may differ from AMH but I don't think by much. My guess is it might have to do with the number of employees. Do you, by chance, know if the maintenance fees have increased since the building went condotel?

Sharilyn...does the 50/50 split also include cleaning your unit or do you pay extra for that?

[Sharilyn]

The Ala Moana Hotel Rental Program:
http://thealamoanarp.com/

I'm sorry, I posted earlier this morning, but I got kicked out. This happens often, that's why I rarely post.

Anyway, yes, guests must pay for parking. I think it's $17 per day. If the lot is full, they will valet park your car or you can park in designated stalls outside the hotel.

Sorry, I don't know the average days per month it is rented. But, I'm guessing it's more than 20 days at $120 per day.

The 50/50 split includes cleaning.

[amagab]

Sharilyn> You've been very helpful. Many mahalos!!!!

One thing I'm not clear about....in addition to the maintenance fee, do you pay any taxes? If so, how much?