FAQs

What is a Hotel-Condo?
Condo-Hotels got their start in the 70s in Arizona but didn’t take off until the mid 90s in places like Miami and Fort Lauderdale. Today they’re popping up around the world – in Orlando, Vail, Las Vegas, New York, Vancouver, Washington DC, Dubai, and now Blacksburg. The Hotel part of Condo-Hotel is that, while the property is made up of condos, the overall facility operates as a Full Service Luxury Hotel.
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?
To purchase a unit you will need to contact the sales office at (571) 969-1328 to check on availability of the condos. Once you have selected your unit, your salesperson will complete a purchase agreementfor you and send it to you for signature. You will need to sign the purchase agreement, include a deposit check (in the amount stated in the purchase agreement), and send it back to the address listed in the agreement. You will be able to close on your unit in as little as 30 days from the date the deposit is received.
Can I rent my Hotel Condo Unit on my own?
Yes, you can rent out your unit on your own, hire a 3rd party management company, or choose to join the Hotel’s Rental Program – it is entirely your choice.
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

For purchase information call: (571) 969-1328