Condotel financing was totally unheard of. Condo and condotel financing list. SECTION 27-31-60. com. Interested in financing for condotels? This article is for you! Read it to learn the difference between condominium and condotel loans. Okay. Department of Housing and Urban Development | 451 7th Street S. The major difference between a condo and a condotel is that short term, nightly rentals are available in the latter. Building or project needs to be more than or equal to 50% for commercial – this will be determined by the appraiser. In comes what we call our portfolio option for condotel financing. To get a condotel unit or non-warrantable condominium unit approval, the condotel unit or non-warrantable condominium unit needs to be the following: at least 500 square feet. Homeowners who own a personal residence, the new Condo-Hotel unit can be classified as a second home which requires 25% down payment. Various Condotel Projects are popping up in Destin, South Beach, Panama City Beach, Palm Beach and Miami. The Best Condotel Mortgage Lender. If you are interested in condotel loans and non-warrantable condo loans, please contact us at Gustan Cho Associates at 800-900-8569 or text us for a faster response. CONDO RESOURCES. When your ready to get started on our foreign national loan, we are experts to guide you through the entire process, the first step is getting you pre-approved. 1025 Highway 17 South. Get the scoop on the 1474 condos for sale in Myrtle Beach, SC. A Condo-Hotel, also known as a Condotel, can be a great investment for those who are looking for vacation second homes; Investment condotel units are also gaining popularity due to the. 8999. Grateful in Advance - thanks!Condotels at Surfmaster: Surf Master in Garden City Beach, S. Today we explore the World of Condotel Financing and discover the benefits and drawbacks to consider. $35,000. Available financing for vacation and 2nd homes up to 85% loan to value to $3,000,000. Our Mortgage Experts. Homebuyer loans that make your homebuying dreams a reality. Coral Beach is an award winning oceanfront resort with excellent rental income! This oceanfront one bedroom has. 604 N 27th Ave, Myrtle Beach, SC 29579. When this occurs, we can offer. Each condotel is a part of a large-scale property that operates similar to a hotel, with a wide range of amenities and resort-style features. Visit Learn About Project Standards to see. On the beach, there is a service for chair/umbrella rental. I found Condotel Financing at competitive rates Types of Mortgages Available Principle & Interest Mortgage Options 30 yr 3/3 ARM @ up to 75% LTV (Lock for 3 Yrs. Condotels at One Ocean Place: VERY Disappointed - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. California home buyers with credit scores as low as 580 FICO can now qualify for California home loan with bad credit. Whether you’re a seasoned mortgage broker or just starting in the industry, this webinar will provide you with valuable insights and strategies to excel in this dynamic market. During the pandemic, rates on 30-year fixed mortgages fell below 3 percent. are experts in condotel financing and originating non-warrantable condominium mortgages, condohotel loans and The Best Condotel Mortgage Lender. As you can see from our program highlights, Allied First Bank of The Carolinas specializes in providing condotel financing solutions. For monthly updates on current listings and new closed sales, sign up for our Myrtle Beach Downtown Oceanfront Condos Real Estate News, one of the 50 versions of our e-newsletter. The condotel unit needs to be at least 500 square feet. A 10% down. A condotel unit is a private condominium unit inside a hotel that an individual and entity owns. Or email us at gcho@gustancho. Projects that have no other condotel characteristics, but which permit unit owners to offer short-term rentals on a seasonal basis while they reside in the units. Second-home financing is conventional loans and conforming Fannie Mae Guidelines On Second Homes apply. Address Line 2. Sun everyday, beautiful Condo North 702. SOUTHERN COAST INSURANCE GROUP INC 4420 Oleander Dr Ste 104 Myrtle Beach, SC 29577 Get Map Phone: 843-839-5076 Fax: 843-353-0785 Contact UsProject Standards Requirements - Condotels. Portfolio Lenders can finance these types of Condos; Not all lender wants to take a risk for these types of Condos; What is a Minimum Down Payment For Condo. Type Full Name Below: *. 00:00. Condotels; Project Reviews; PERS Submissions . You will be contacted by one of our experts to confirm your information and validate authorization. Coral Beach Bldg. To qualify for condominium mortgage loans, please contact us at Gustan Cho Associates Mortgage Group at 800-900-8569 or text us for a faster response. You Are Trusting Us With Getting Your Commercial Loan Closed, We Return Your Faith and Trust Back By Being Available 365 Days a Year. South Carolina also has an income requirement to qualify for a first-time home buyer program mortgage. Over 75% of the borrowers of Gustan Cho Associates (Gustan Cho Associates) are folks who could not qualify at other lenders due. Learn more. *All loans subject to credit approval. Grand Strand Coastal Realty. Condotels at One Ocean Place: DONT STAY HERE - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. Homes are listed on the market for around $244,990, and are closing for about $173,400. Navigating financing challenges in condotel investments requires creativity, diligence, and a thorough understanding of the market. A condotel is a building that’s legally operating as a condominium but also functions as a hotel. We. A condotel, or condo-hotel, is a unique style of property ownership that operates as both a residence and a rental unit. Capital Lending Network, Inc. Step 3: Confirm the Condo Project Insurance Requirements. Jerry Pinkas Real Estate Experts. (843) 628-3604. Balloon payment due in 6 months with. Owner Financing available for qualified buyers. Each condotel is a part of a large-scale property that operates similar to a. 212 reviews. Generally speaking, only lenders with in-house programs designed for condotels can finance condotels. Orlando, FL – New Pre-Construction Condo Hotel. South Carolina (SC) Coastal South Carolina ; Garden City Beach ; Garden City Beach Specialty Lodging ; Apartment Hotels in Garden City Beach ; Condotels at Surfmaster;Condo Listings for Rent. If you think that condotel ownership may be for you, we can help you apply for competitive condotel financing in Miami or the surrounding region. Condo For Sale In Myrtle Beach, South Carolina. 2. 7100 N Ocean Blvd #1126, Myrtle Beach, SC 29572. Non-Warrantable Condo and Co-Op financing for. 29577, Myrtle Beach, Horry County, SC. Minimum Credit Score: 575. 4999 Carolina Forest Blvd, Suite 12, Myrtle Beach, SC 29579. Condotels are typically high-rise buildings which are developed and operated as a luxury hotel and are usually found in major resorts and cities. The team at Gustan Cho Associates are specialists in condotel financing in Florida and. Unlock the secrets of successful condominium and condotel financing in our comprehensive webinar series. Condotel loans are available for up to $1. 926. Encompassing six buildings with 380 units, this contemporary property includes amazing…. The beaches are buzzing with locals and vacationers alike eager to soak up the warm South Carolina rays, the boardwalk is alive and action-packed, and the delicious restaurants and overflowing with hungry patrons. Rates typically run a half-percent. Condotels are condominium projects, which are individually owned and operated as a hotel. Individual owners have units, but they have. We will send you a secure online payment form to complete upon acceptance. #110 FRACTI, North Myrtle Beach, SC 29582. Condo-hotels buyers are usually required to put a minimum of 20% down payment although a higher down payment could be required on a larger purchase price. Here’s how to get your score: Complete the form below. Borrowers can also email me at gcho@gustancho. Condotel Financing Guidelines. Condotels at One Ocean Place: 3 bedroom condos oceanfront - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. Text us for a faster response. S. South Carolina (SC) Coastal South Carolina ; Garden City Beach ; Garden City Beach Specialty Lodging ; Apartment Hotels in Garden City Beach ; Condotels at Surfmaster;. are experts in condotel financing and originating non. Condotels at One Ocean Place: Unit 203 beautiful view, horrible parking - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. It’s complicated (but we can make it easy for you). FLORIDA CONDOS. The Villas at Old South is a community of condos in Bluffton South Carolina offering an assortment of beautiful styles, varying sizes and affordable prices to choose from. The largest property for sale is 3,174 sqft and smallest 307 sqft. Condotel Financing Program Features Offering conventional and portfolio loan options Available for second home and investment properties Team of condotel specialists that. Generally speaking, these loans are hard to obtain. Use our mortgage calculator to see how much it would be to finance a home in Myrtle Beach. Available financing for vacation and 2nd homes up to 85% loan to value to $3,000,000. Discover the perfect blend of real estate investment and luxury hospitality with our exclusive condotel offerings. Mortgage rates for condos and other types of properties have been volatile in recent years. IN the new home financing landscape created in this recession, certain categories of high-rise development are apparently. 40% down payment, or 60% loan to value is required if. Our quick loans come with competitive rates, flexible terms and convenient online banking. ”. Condotels make great investments in touristy areas where they. ; PBX phone system; high-level guest services such as 24. Buying this sort of property is close to buying a traditional condo. Condotels are typically multi-unit properties. Let’s assume that the cost to purchase a condo is $250,000, in order to break even the hotel would need to charge $250 per night for your condo and rent out at least 60% of the time. Or email us at gcho@gustancho. Now you can offer borrowers financing for their condotels – all with the program options and service levels that you’ve come to expect from LendSure. A: I do not support the development of the 21-story condotel. 5x or brings in 50% more money than it pays out. Speak to us about Condotel financing. Resort, Airbnb, Daily Rentals acceptable. com®. Report. Borrowers can also email me at gcho@gustancho. Campobello, South Carolina 1 contribution 1 helpful vote. If you have any questions on second home mortgage loans please contact us at 800-900-8569 or text us for a faster response. He holds a Bachelor’s in Journalism and Mass Communications from the University of South Carolina. Conducting due diligence on lenders and maintaining open lines. More Details. Listing courtesy of Listing Agent: Michele Blase () from Listing Office: Realty ONE Group Dockside. Flood Insurance Coverage Calculator. Submit your clients' mortgage applications through our secure online platform. Loan amounts up to $6 Million. We can finance condotels in Florida, Alabama, Georgia, North Carolina and South Carolina. Was approved for $80k to purchase a beach rental property to come and find out that the loan cannot be used to finance a condotel. Ocean front condos are known by lenders as a "Condotel. If you are interested in a condotel purchase loan or a condotel refinance mortgage loan please contact us at Non-QM Mortgage Brokers at 800-900-8569 or text us for a faster response. Orlando, FL – New Pre-Construction Condo Hotel. Currently, the condotel purchase market in South Beach, Panama. As for home appreciation, values have increased 5. 106 Condos For Sale in Charleston, SC. Typical features could include an onsite rental office; onsite commercial space (s) such as restaurants, day spas, convenience stores, etc. Sometimes one size doesn’t always fit all. Sooner than you think, you could be the owner of a beautiful condotel unit in Miami!Get the scoop on the 159 condos for sale in Charleston, SC. - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. Since DSCR equals income divided by payment ($1,500/$1,000=1. If you need a Condo Hotel purchase mortgage loan or a Condo Hotel refinance mortgage loan, please contact us at Gustan Cho Associates at 1. You can potentially have quite a bit of money left over for the things that make a house comfortable and specific to your vision. Condotels Golf Colony Resort, Myrtle Beach: See traveler reviews, candid photos, and great deals for Condotels Golf Colony Resort, ranked #36 of 99 specialty lodging in Myrtle Beach and rated 3 of 5 at Tripadvisor. 843. There are no in-state. Get started with a free quote today. Condo. The condotel needs to be 500 square feet with a minimum of one fully developed bedroom and kitchen. The minimum loan size for both condotel and non-warrantable financing is $100,000. Gustan Cho NMLS 873293 is the National Managing Director of NEXA Mortgage, LLC dba as Gustan Cho Associates NMLS 1657322. Shout or Text: (800) 900-8569. Condo For Sale In Myrtle Beach, South Carolina. Alpha Mortgage is licensed in North Carolina (L-113831), Virginia – Licensed by Virginia State Corporation Commission (MC-4927), South Carolina (#93265), Florida (MLD1700), Georgia (#93265), and licensed in Texas – SML Mortgage Banker Registration. As of Wednesday, November 22, 2023, current interest rates in South Carolina are 7. Is hotel apartment a good investment? Answer: Generally speaking, condo-hotel purchases are not good investments. Coral Beach Bldg. Florida Condo Mortgage, Florida Condo Mortgage Rates, Non-Warrantable Condo Mortgage, Condotel Mortgage Financing, Florida Condo Loans. Condotel financing is one of the things you need to be considering even as you consider taking on this business. Check NC real-estate inventory, browse property photos, and get listing information at realtor. Mortgage Bankers hours 8am-5pm (PT) Airbnb/VRBO Financing. You now are aware of some of the advantages and drawbacks of investing in a condotel. Main Office: 1320 Airlie Road | Wilmington, NC 28403 910. Regarding Condotel or Non-Warrantable Condos, the lender will generally hold onto these loans. Home Spring Mortgage is the the largest non-qm (non-qualified) mortgage lender in South Carolina, providing diverse mortgage loan options for borrowers to achieve their dream of homeownership. State. Call ☎ (800) 697-4371Myrtle Beach condotel financing guidelines made easy Our flexible options and expert guidance ensure a seamless experience. Condotel and Non-Warrantable Condo Financing are 30 year adjustable rate mortgage portfolio loans. By this, you need to get an expert in this business who can help you with the bit of financing for this business. 2318867 MLS. Condotels at One Ocean Place: gorgeous penthouse - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. SEARCH OUR SITE. You can email us at gcho@gustancho. North Myrtle Beach, SC 29582. Las Vegas-based The Siegel Group, a real estate investment and management firm, is the new owner of a 191-room hotel off of Orange Blossom Trail just north of Florida. com (800) 697-4371 facebookLenders have a business due to the demand for loans. $242,900. South Carolina 864. From understanding the basics to exploring investment opportunities, assessing risks and returns, and navigating financing challenges, we will equip you with the strategies and knowledge to excel in this ever-evolving market. DSCR = Income / Payment. Minimum Down Payment: 30%. VA Loans. COMMERCIAL. 5 miles from Condotels Golf Colony Resort. The loan to value is 97. A&D Mortgage LLC is licensed by. 9% over the past year, and are expected to rise another 7. Not many traditional lenders will allow condotel mortgages due to their increased risk. Less than 10 units, up to two FHA-Insured units. For more information, contact Oren at (312) 867-5363 x206 or by email at oorkin@capfundmtg. Borrowers can also email us at gcho@gustancho. In Part 2 of our blog series on condominiums and condotel financing, we explored the exciting investment potential of condotels. CCNB offers special rates and terms specifically for condotels that include fixed or adjustable rates with as little as 25% down on second homes and 30% down on investor. 1 bath. We offer a variety of mortgage options: Conventional Mortgages. Top 10 Most Affordable Cities in South Carolina Jul 24, 2023This BLOG On Florida Condotel Purchase Loans Was UPDATED On October 29th, 2018. The condotel will be operated for 15 years. 1105 S Ocean Blvd. The difference in financing condominiums compared to single family homes is that lenders have to get the property approved in addition to merely approving the borrower. South Carolina gives tax breaks to certain people, but only as primary residents. 116 South River Road, Unit D-6A Bedford, NH 03110 Phone: 603. Most lenders shy away from condotel financing. 256. This is a unique option because rather than selling the loan to Fannie Mae, we fund and service the loan, meaning you will receive your monthly mortgage statement from us, and make payments to us. Minimum loan amounts commonly fall in the range of $75,000 to $150,000 for most lenders. Up to 75% LTV on bridge loan loan amounts between $1,000,000 to $1,500,000. com®. 8999. Most Condotel Loans close in 21 days or less. Alpha Mortgage is licensed in North Carolina (L-113831), Virginia – Licensed by Virginia State Corporation Commission (MC-4927), South Carolina (#93265), Florida (MLD1700), Georgia (#93265), and licensed in Texas – SML Mortgage Banker Registration. Atlantic Beach currently faces one of the highest tax. Auto Loans. Gustan Cho. Condotel Mortgage Rates; Florida Condotel. Fidelity Home Group offers mortgages for warrantable, non-warrantable and condotel property types. Nicely updated unit! Many amenities!. This article was provided by Oren Orkin of Capital Funding Mortgage Company, LLC, a residential and commercial lender that can provide financing for condo hotel units. The Villas at Old South condos for sale range in square footage from around 1,000 square feet to over 1,400 square feet and in price from approximately $269,000 to $330,000. (3) "Listing agent" means a real estate licensee who represents. Up to 75% LTV on bridge loan loan amounts between $1,000,000 to $1,500,000. There was a time for the past three years that not a single mortgage lender would touch a Condotel unit. Not ready to buy yet?Join us for an in-depth webinar where we will delve into the world of condominium and condotel financing. My husband and I are looking to purchase some 1 bed 1 bath economy condotels. $101,000. Contact Gustan Cho Associates at 800-900-8569 or text for faster response. Warrantable condos are one that a homebuyer can finance using a conventional mortgage, after having been approved under a set of guidelines set by government-sponsored enterprises Fannie Mae and Freddie Mac. Top 10 Most Affordable Cities in South Carolina Jul 24, 2023 Mortgage Mavericks: Scott Schang Jul 18, 2023. 5 million as a primary or second home. During the pandemic, rates on 30-year fixed mortgages fell below 3 percent. Learn more about local market trends & nearby amenities at realtor. com®. Investment property loans Commercial & Residential Condo Hotel Loans. Coral Beach is an award winning oceanfront resort with excellent rental income! This oceanfront one bedroom has. - Condo for sale. Get ongoing access to funds with a home equity line of credit by itself or combined with a first mortgage. Education: must complete a commission approved 30 hour course in property management fundamentals. Unlike Our Competition, We Do Not Believe In Having Banker’s Hours. 1 Beds. There are currently 808 condos for sale in Myrtle Beach, SC to browse through, with prices between $58,000 and $1,150,000. If you have a property you are looking to purchase, or need investment advice to find a good investment, call us now at 866-500-4500, or fill out our request funding form and a loan specialist will contact you within 1 business day. A condotel is just what it sounds like—a cross between a condominium and a hotel. This chapter shall be known and may be cited as the North Carolina Condominium Act. A 40% down payment is required for borrowers who have two or greater properties and need it as an investment home. Financing is available when you are looking to purchase a unit in a condotel but it is often more limited than when looking. Please contact us at (786) 220-1100 to set up your free consultation. Get Started. 1 Percent Lists 123 Terrabella Blvd Suite 2C Covington, LA 70433 O: (877) 417-3723 M: (504) 875-6599 1 Percent Lists Franchises, LLC sells real estate franchises across the United States. 5511 North Ocean Blvd #501, Myrtle Beach, SC 29577. Condotels at One Ocean Place: One Ocean Place, Room 203 - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. Condotel and non-warrantable condos are portfolio loans. For sale. Call ☎ (800) 697-4371Condotels at One Ocean Place: Beautiful Place ! - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. 2 Baths. The project must have at least five units. Prequalify. I understand that the cost for the Condo Questionnaire will vary according to the requested Condo/Condotel Development, generally this fee charged is between $150. Ripley's Aquarium of Myrtle Beach. 256. Typically, these condotel buildings offer amenities such as a check-in desk, on-site cleaning services, water parks, and more, while individual units are separately owned. This ground level 2-bedroom condo is located. CONDO FINANCING. South Carolina; Horry County; North Myrtle Beach; Find a Home You'll Love. The Best CONDOTEL Financing. Condotels at One Ocean Place: Vacation - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. 5 Baths. 4 - 8 Guests 2 - 3 Bedrooms 2 - 3 Bathrooms. Elliott Beach Rentals has been specializing in professional management of beach homes and condos since 1959. Assisted Lendings is a group of professional business people joining together to offer investor cashflow financing. Find oceanfront condos for sale in Myrtle Beach, SC like a real estate agent! Exclusive access to condominium listings near the ocean in Myrtle Beach, South Carolina!Lending Bankers Mortgage Specializes in Condotel Loans in South Florida. 1,000 Sq Ft. On January 1, 2022, the updated Fannie Mae condominium lending guidelines went into effect. We consider loan-to-value ratios of up to 65%. Today we explore the World of Condotel Financing and discover the benefits and drawbacks to consider. South Carolina (SC) Coastal South Carolina ; Garden City Beach ; Garden City Beach Specialty Lodging ;. 1% in 2019. 1 bath 400 sq ft 201 74th Ave N #2636, Myrtle Beach, SC 29572 (843) 492-4030 Owner Financing - Myrtle Beach, SC Home for Sale OWNER FINANCING AVAILABLE!!!!! No. Condotels are condominium projects, which are individually owned and operated as a hotel. Tiffany's Condotel, Surf City, North Carolina. Fidelity Home Group offers mortgages for warrantable, non-warrantable and condotel property types. Broadway at the Beach. Description Amenities Available Rentals. If you need a Condo Hotel purchase mortgage loan or a Condo Hotel refinance mortgage loan, please contact us at Gustan Cho Associates at 1-800-900-8569 or text us for a faster. This FAQ document provides responses to common questions related to Fannie Mae’s project review methods and policies for determining project eligibility for mortgages secured by units in condo, co-op, and planned unit development (PUD) projects. Address Line 1. 15% for a 15-year fixed mortgage. Borrowers can also email us at gcho@gustancho. - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. Type Full Name Below: *. Benjamin's Bakery, Cafe & Coffee Roaster. (866) 803-2853. For your protection, do not email your Account Number (s) or Social Security Number. Condotel Financing Now Available. Mortgage Calculators; Contact Us; Our Team; VA Loans; Our Blog. com. 00. If you decide to invest in a short-term rental property in a condotel, here are four tips for getting started: 1. 438. Available 7 Days/Week MON - FRI 8am - 7pm SAT - SUN 10am – 6pm Call us (407) 955-4575. CCNB offers special rates and terms specifically for condotels that include fixed or adjustable rates with as little as 25% down on second homes and 30% down on investor properties for qualified buyers. Apply Now and Get a Quote Today! Get more details. The. Condotel. Condotels at One Ocean Place: Rude security and pool attendant, large condo- very outdated - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. North Myrtle Beach, SC 29582. 1 Baths. 2 Beds. Or email us at gcho@gustancho. Florida Coop Financing Requirements: Max 80% LTV [ 20% minimum down payment ] Second Home and Investment Properties allowed. The amount depends on various factors, and each package will look slightly different depending on the lender. The following are the criteria in which properties would be allowed for condotel financing: The units need to have a full kitchen and a separate bedroom. The units are located within a building that has the amenities of a hotel, including a front desk as well as a cleaning staff. S Unit 816, Myrtle Beach — Coral Beach $170,000. A law degree or B. com. You can click on the button below or apply online; if you prefer to speak with one of our Mortgage Experts, we would be happy to speak with you at 888-259-2257. SECTION 27-31-50. 1,700 sqft. NUMBER OF ROOMS. com so that we can make sure your policy is always working for you! Wondering if you need condo insurance in Myrtle Beach? Here's everything you need to know about this type of coverage, what it covers and how much it costs. Long-Term Fixed or ARM Rates. CONDOTEL. On January 1, 2022, the updated Fannie Mae condominium lending guidelines went into effect. Our mortgage lenders will gladly review your unique situation and find a flexible solution that best fits your lifestyle. Text us at 407 955 4575. We now offer Condotel and Non-Warrantable Condo Financing which are portfolio loans with 25% down payment. Demise Of Condotel Financing After Real Estate Meltdown. Condo for Sale in Myrtle Beach, SC: Beautifully decorated furnished 3 bedroom 2 bath 1st floor end unit with screen porch overlooking the pond & fountain. Many units are operated with hotel-like amenities including a front desk, activities-concierge services, and regular housekeeping service. Condotel financing, investment, vacation, and second home financing available for cash out and purchase. with a major in real estate will also qualify. Brilliantly located by the pristine. Our mortgage lenders will gladly review your unique situation and find a flexible solution that best fits your lifestyle. Condotels at One Ocean Place: Great Stay - Garden City Realty Is Top Notch - See 48 traveler reviews, 32 candid photos, and great deals for Condotels at One Ocean Place at Tripadvisor. No minimum square feet. com. State. But what is a condominium hotel or condotel? A condo-hotel is a new trend in the Myrtle Beach condo market.