Date Posted: 2012-12-28 10:47:54
Site Posted: Myproperty.ph
Frequently Asked Questions
How does the condominium hotel operate?
Savoy Hotel will be operated and managed by Prestige Hotels and Resorts, Inc. (PHRI), a company dedicated to managing Megaworld's hotel and leisure portfolio, either by itself, through a subsidiary or affiliate, or through a third party. Prestige's current roster of projects includes The Richmonde Hotel in Ortigas CBD as well as the Eastwood Richmonde Hotel at Eastwood City.
-How does one become a condominium hotel unit owner at Savoy Hotel?
First, the investor has to choose between the four types of units: a Twin Bedroom Suite, Queen Suite, Junior Suite or a Executive suite . Upon purchase of the unit, we request the unit owner to sign the Request for Reservation and Offer to Purchase, the Fit-out Agreement, the Contract to Buy and Sell and the Lease Agreement.
-What are the terms of the lease?
The lease shall be for a period of fifteen (15) years, commencing on the date on which paying guests are first admitted to the Hotel by the hotel operator, and ending fifteen (15) years thereafter (the "Initial Lease Term").The lease shall be automatically renewed for another fifteen (15) years, unless the Lessee serves notice to BUYER not later one (1) year prior to the expiration of the fifteenth (15th) year of the Initial Lease Term that the Lessee does not wish to renew the lease.
-What is the advantage of engaging a hotel operator to manage the operations of the condominium hotel?
This arrangement gives the condominium hotel unit owner a "worry free" investment because the hotel operator manages the leasing of the hotel rooms, their maintenance, refurbishment and improvement as well as their operating expenses, real property taxes, association dues, common area charges, utilities, insurance and other related expenses. All expenses including advances for the expenses and in case of deficiency shall be deducted from the gross room revenue. An independent auditor, belonging to the Top 5 auditing companies accredited with the Philippine Securities and Exchange Commission, will be hired to audit, examine or review the hotel operator's annual operating statement.
What is this Leaseback Agreement?
By the Lease Agreement, the investor leases the unit to Prestige Hotels and Resorts, Inc. (PHRI), which unit shall then be included in a pool of condominium hotel units to be made available to paying guests for use as hotel rooms.
-Will the unit owner still earn if his or her unit is not rented?
Yes, a condominium hotel unit owner will be entitled to a share in Net Room Revenue regardless of whether his unit was actually rented or not. Under our system, the hotel operator will pool together the rental revenue generated from all hotel units and distribute the Net Room Revenue to all hotel unit owners after the end of each operating year.
-Are there any other condominium association dues?
Condominium association dues shall form part of the hotel operating expenses and shall be deducted from Gross Room Revenue.
-Can the unit owner live in the property full time?
No. As a condominium hotel owner, he or she may occupy for personal use, a hotel room for 30 room nights per operating year. Room may not be the exact unit purchased.
-When does the unit owner get his or her 30 Free Room Nights Privilege?
The 30 Free Room Nights Privilege can be availed of by the condominium hotel unit owner throughout the operating year. He or she will just have to contact the hotel for advance booking. If a unit is turned over and included in the pooled units after the start of an operating year, the unit owner shall be entitled only to a pro-rata number of room nights corresponding to the remaining period of the operating year.
-As a matter of policy, a condominium hotel unit owner may be allowed to avail of up to 10 free room nights only per visit. Also as a policy, the condominium hotel unit owner can book any room except for the peak periods or close-out days. Traditionally, New Year's Eve, Chinese New Year and convention periods are peak periods. This policy is created so that we can accommodate as many hotel guests as possible during the peak periods of hotel operations, in order to maximize returns for the investors.
-Can a unit owner use his or her 30 day FREE for more than one unit at the same duration?
Yes, The condominium hotel unit owner may occupy more than one hotel room at a time, provided it does not exceed the maximum stay of 10 free room nights per visit.
-Can the unit owner still reserve a room after he is able to use up the 30 Free Room Nights Privilege?
Yes, He may still book a room beyond the 30 Free Room Nights Privilege, this time as a regular paying hotel guest and after the usual advance booking.
-Can the unit owner transfer the rights of the 30 day stay to another party?
Yes, The 30 free room night's privilege may be transferred to a condominium hotel unit owner's guest. The unit owner simply has to fill up an endorsement form, which will be subject to room availability and booking confirmation.
-Do I have the option of selling my hotel unit?
Yes. However, the unit shall be offered first to Prestige Hotels and Resorts Inc. at a certain price. Should PHRI waive its right of first refusal over the unit, it can be offered to the open market at the same terms and conditions offered to PHRI. The transferee will still be bound to honor and respect the Lease Agreement signed by the previous unit owner.
OWN PRIME UNITS/LOTS...
THROUGH OUR FRIENDLIEST PAYMENT TERMS
NO DOWN PAYMENT
NO RESERVATION
NO LUMP SUM
AT ZERO INTEREST FOR 5 YEARS...
Contact Person:
Jonathan Rieza
Address: Manila City
Mobile +63 (9050 252-6283/ +63 (910) 933-1695
Email Address: resortcityliving@gmail.com
website: www.resortcityliving.com
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