What is a Hotel-Condo?
What are the benefits of owning a Hotel-Condo?
Owners at The Place at University Blacksburg will own a part of what will become Blacksburg’s preeminent hotel. To the hotel guest, it will seem just like a luxury hotel. To the owners, their suite is a luxurious getaway in the heart of their Alma Matter, with access to the hotel’s amenities and services, and VIP access to owner only amenities and functions.
The owner, or their friends and family, will be able to use their suite and the amenities of the hotel while in town for the weekend, longer vacations, or on business. While away, owners will have the option of placing their suite into the hotel’s rental program.
The Place at University Blacksburg is the ideal solution for people that love to be in Blacksburg, come to the area for sports events or other forms of R&R, and just don’t want the hassles associated with traditional second home ownership.
Will The Place provide lenders for financing?
Hotel-Condo financing is a unique financing product that requires the lender to have specific knowledge of the industry and markets. Therefore, The Place has assembled several sources of end unit financing that are familiar with the project and hotel-condo financing.
How do I purchase a unit?
Can I rent my Hotel Condo Unit on my own?
What is included in the purchase price of a unit?
The prices listed on the right side of the price lists include: the base price of the unit, all room premiums, all furniture, linens, and interior changes.
How can I see a floor plan?
You can see the floor plans by viewing our price list.
What is included in the Association fees?
Ownership at The Place is meant to be Hassle-Free. In keeping with that objective, the condo fee includes all of the normal expenses covered by a condo fee and virtually all of the other expenses you have to run a second home. Here is a summary of the covered costs:
- All utilities – Water, Gas, and Electric
- Cable TV, Internet, and telephone
- Insurance – building, personal property, and liability
- Accrual for expected future expenses for the property
- Room remodeling fund that accrues funds to remodel your room every 5-7 years to ensure the hotel is able to continue to offer the finest rooms in Blacksburg
- Management costs
- All other expenses generally covered in traditional Condo Fees
- Full details are covered in our Condominium Documents