Condo Hotel Information

Frequently Asked Questions

What is a condominium-hotel?
In our case, we have converted an existing hotel into the Waterford Estates Lodge. There are 144 units which will be owned as “condominiums” by individuals who will also own 1/144th of the common areas of the property, i.e., lobby, grounds, pools, etc. Each owner has an option, but not an obligation, to have the hotel operator rent his or her unit when not in use. Should an owner decide to participate in the hotel rental program, he or she will receive a portion of the revenue received from all rentals of the unit.
Who is the manager of Waterford Estates Lodge?

Brenan Hospitality Management Group, LLC (BHMG) is the management firm for the property. BHMG was formed by Mike Brenan and his son, Keith, to acquire, develop and manage hotels.

As the sponsor of the condo-hotel development, BHMG is not only developing the property, but also remains as the hotel operator, managing the property on behalf of the condominium association and the individual unit owners.

How does the condominium association differ from the on-site manager?
The condominium association, which will be in the control of the unit owners following the stabilization of the property, will control all aspects of the property. BHMG will be the manager of the property and the hotel on behalf of the condominium association and the unit owners.
Are there any deed restrictions connected with the units at Waterford Estates Lodge?
There are two covenants that will apply. The first states that no owner shall occupy, or permit any individual to occupy, a unit for more than six consecutive months. This is a restriction of the existing zoning on the property. The second stipulates that no owner shall be permitted to use Waterford Estates Lodge as his or her permanent legal mailing address as this would also jeopardize the zoning classification of the property. Please note that these stipulations would prohibit any student from living at the Waterford Estates Lodge for a full school year, but a single semester would be permitted.
Is there financing available for purchase?
Yes. You have the ability to finance in any way you deem appropriate, or we can put you in touch with our preferred lender, Vacation Finance.
Can a condominium-hotel unit be purchased under a corporate name?
Yes. It can be purchased under a corporate name or by individuals.
Will I always be able to stay in my condominium-hotel unit if I place it in the rental program?
Generally yes, if you provide us with ample notice. However, during peak demand periods your unit may have already been rented. In that case, we will do everything we can to provide you with a similar room at a discount, and your owner’s storage trunk will be brought to the room as well.
Will I receive income from the restaurants, meeting rooms and catering facilities?
No. You will receive a portion of the revenue from the rental of your condominium-hotel unit. The hotel operator, BHMG, will be responsible for the operation, liabilities, maintenance and financial performance of Duffy’s as well as the ballroom space. Thus, as a unit owner you will not be responsible for any of the operations of the restaurant space. Duffy’s will always be available to the unit owners for their personal use. Furthermore, unit owners will have the priority for reservations, particularly during home football weekends.
How will football weekends be handled?
For units that are placed in the rental program, we will send a notice to each owner with the upcoming football schedule in March of each year. We will ask that each owner inform BHMG by May 1st of which weekends they intend to occupy their units during the upcoming football season and which they intend to put into the rental program (if they choose to do so). After May 1st, if you later decide that you want to use your unit, and it has not yet been reserved by a customer under the rental program, it will, of course, be available for your use.
What assessments and fees will I be responsible for?
  • You will be responsible for your own debt service (if any)
  • You will be responsible for paying the applicable real estate taxes on your unit.
  • You will be responsible for the maintenance expenses on the unit. Monthly expenses are currently $395 per month.

The hotel operator will be responsible for all other expenses consistent with the operation of a full-service hotel. Essentially, the unit owner will be responsible for the real estate related expenses of the unit, while the hotel operator will be responsible for all hotel related expenses.

Owners will be responsible for a modest “users fee” when occupying their unit (or allowing others to use it) of approximately $25 per day to cover housekeeping expenses.