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  • 1. Benefits of Condotel Unit Owners
  • 2. 2.That Condotel is different from Timeshare, in TIMESHARE you only exercise a right to use the property and facilities for a certain period of time, while in a CONDOTEL you own a specific Condotel Unit and have Condominium Certificate of Title in your name once it is fully paid.
  • 3. 2. That the Condotel Owner will get a 30- day FREE stay benefit commences at the start of every fiscal year. This will be distributed to the Unit Owner in terms of certificates where they are entitled to priority in booking even on peak seasons provided the availing of the 30-day FREE stay is exercised and availed of by negotiating in advance the use of the unit.
  • 4. 3. That a Condotel Owner may use his 30-day FREE stay for more than one unit at the same duration, provided that it would be the same unit type. For example, if an owner will stay in the condotel for a week and he will rent another unit for his family or friend, he will consume a total of 14 days for the week chargeable to his 30-day FREE stay.
  • 5. 4. That if the usage will exceed 30 days, they will have to pay the member’s rate which is 30% discount from the regular rate.
  • 6. 5. That if the Condotel Owner was not able to use the 30-day FREE stay benefit. Subject to 2 months prior notice before expiry, the unused 30- day FREE stay maybe transfer/authorized to his friends or relatives to use it. Advance booking and registration is required subject to the availability of room units.
  • 7. 6. That while the condotel is under construction, Buyers who pave paid the units and have a with 30-day FREE benefits may avail it at Sir William’s Hotel located at No. 39 Timog Avenue, South Triangle, Quezon City on a pro-rata basis as follows: b.100% payment – 30 days free c. 50% payment – 15 days free c. 30% payment – 7 days free d. 20% payment – 5 days free
  • 8. 7. That if the Condotel Owner does not use his FREE stay on peak season, he will receive a bonus on those days equivalent to room rate difference on regular days.
  • 9. 8. That the Condotel Owner can upgrade his FREE stay to different Unit category, provided that he has to pay the difference in room rates.
  • 10. 9. That the Condotel Owner will receive an income from the Hotel operation.
  • 11. 10. That in order to maximize returns and ensure cost efficiency for Condotel Owner, only room revenues and room divisions related expenses are considered in the determination of income such as housekeeping, laundry, front office, security, repairs and maintenance, utility, taxes and insurance attributable only to the units. Food and Beverages (F&B) and its related expenses as F&B personnel, kitchen equipment, supplies, utilities, taxes and insurance are treated separately from and independent of the room divisions expenses of each Condotel units. This setup assures the Condotel Owners a cost efficient operation as room related expenses are easily controlled and managed.
  • 12. 11. That dividends shall be payable quarterly in checks to be mailed or paid directly to the bank accounts of Condotel Owners.
  • 13. 12. That the Condotel Owners will still receive quarterly income based on the type of unit regardless of whether the unit was rented or not. Hotel operator will pool together its entire total income from rental operations and distribute this to the Condotel Owners as dividends according to the pro-rata percentage sharing on unit types. Income will come from room revenue less room division expenses.
  • 14. 13. That Condotel Owners can not live in their property full time. Condotel is for Investors Only. Condotel Owners are required to enroll in the Condotel Operations for a minimum of ten (10) years with further option available to the operator which he is likely to invoke to extend the term on expiry subject to mutual agreement as per majority vote of the Unit Owners Association.
  • 15. 14. That Sir William’s Hotel will be the Hotel Operator to manage the Condotel and to provide financial, operational and property management of the Condotel Units.
  • 16. 15. That Hotel Operator will receive 50% shares on the gross income of the Condotel.
  • 17. 18. That as a premium responsibility to the Hotel Operator, if total expenses do not exceed 30% of net sales, which shall result in a 50% gross operating profit before income tax, an additional 3% of net income will be given as a bonus to the Hotel Operator.
  • 18. 17. Those minor and major repairs are shouldered by the Hotel Operator and chargeable to and part of the operating cost covered in the estimated 50% Hotel Operator’s share.
  • 19. 18. That all “Bayo Condotel & Suites” Unit Owners are automatically members of the Condominium Association and pay association dues but for Condotel Owners, Condominium Association Dues are charge to the Hotel Operator and part of the operating cost covered in the estimated 50% Hotel Operator’s Share.
  • 20. 19. That the Condotel Owners will pay their INSURANCE PREMIUM share to the Condominium Association.
  • 21. 20. That upon operation of the Condotel, investors will received percentage of income based on the payments made to the total contract value: • If investor has paid less than 50% of the total contract value, investor receives 25% of the income due. • If the investor has paid 50% to 70% of the total contract value, investor receives 50% of the income due. • If investor has paid 70% to 90% of the total contract value, investor receives 75% of the income due • If investor has fully paid the total contract value, investor receives the full income due him.