Real Estate Theory

Tuesday, October 16, 2007

Real Estate Theory

World Heritage Sites

UNESCO World Heritage Site is a specific site (such as a forest, mountain, lake, desert, monument, building, complex, or city) that has been nominated and confirmed for inclusion on the list maintained by the international World Heritage Programme administered by the UNESCO World Heritage Committee, composed of 21 State Parties (countries) which are elected by the General Assembly of States Parties for a fixed term.[1] (This is similar to the United Nations Security Council.)

The programme aims to catalogue, name, and conserve sites of outstanding cultural or natural importance to the common heritage of humanity. Under certain conditions, listed sites can obtain funds from the World Heritage Fund. The programme was founded with the Convention Concerning the Protection of World Cultural and Natural Heritage, which was adopted by the General Conference of UNESCO on 16 November 1972. Since then, 184 (as of July 2007) States Parties have ratified the convention.

As of 2007, a total of 851 sites are listed: 660 cultural, 166 natural, and 25 mixed properties, in 142 States Parties. UNESCO references each World Heritage Site with a unique identification number; but new inscriptions often include previous sites now listed as part of larger descriptions. As a result, the numbering system currently ends above 1200, even though there are fewer on the actual list.

Each World Heritage Site is the property of the country on whose territory the site is located, but it is considered in the interest of the international community to preserve each site for future generations of humanity. The protection and conservation of these sites are a concern of all the World Heritage countries.

Water bodies

Water bodies

Selection criteria for Heritage sites

Until the end of 2004, there were six criteria for cultural heritage and four criteria for natural heritage. In 2005, this was modified so that there is only one set of ten criteria. Nominated sites must be of "outstanding universal value" and meet at least one of the ten criteria.[2]

Cultural criteria

  • I. "to represent a masterpiece of human creative genius";
  • II. "to exhibit an important interchange of human values, over a span of time or within a cultural area of the world, on developments in architecture or technology, monumental arts, town-planning or landscape design";
  • III. "to bear a unique or at least exceptional testimony to a cultural tradition or to a civilization which is living or which has disappeared";
  • IV. "to be an outstanding example of a type of building, architectural or technological ensemble or landscape which illustrates (a) significant stage(s) in human history";
  • V. "to be an outstanding example of a traditional human settlement, land-use, or sea-use which is representative of a culture (or cultures), or human interaction with the environment especially when it has become vulnerable under the impact of irreversible change";
  • VI. "to be directly or tangibly associated with events or living traditions, with ideas, or with beliefs, with artistic and literary works of outstanding universal significance. (The Committee considers that this criterion should preferably be used in conjunction with other criteria)";

Natural criteria

  • VII. "to contain superlative natural phenomena or areas of exceptional natural beauty and aesthetic importance";
  • VIII. "to be outstanding examples representing major stages of earth's history, including the record of life, significant on-going geological processes in the development of landforms, or significant geomorphic or physiographic features";
  • IX. "to be outstanding examples representing significant on-going ecological and biological processes in the evolution and development of terrestrial, fresh water, coastal and marine ecosystems and communities of plants and animals";
  • X. "to contain the most important and significant natural habitats for in-site conservation of biological diversity, including those containing threatened species of outstanding universal value from the point of view of science or conservation."

Hilly Areas

Hilly Areas

Where we come in

We believe that India has thousands of heritage sites which have been overlooked and need protection in the form of benevolent owners. We, therefore, are looking at every wasteland, forest, village, town and city of India for such heritage properties which are in private ownership.

Heritage properties could include:

Old Residences/Havelis/palaces
Old Commercial/Industrial Buildings/Land
Forts
Temples/Religious Buildings
Water Bodies
Forested/Wildlife Areas
Hills
Step Wells
Wasteland

Coastal Properties

Coastal Properties

Levels

According to The Economist, "developed economies'" assets at the end of 2002 was

That makes real estate assets 54% and financial assets 46% of total stocks, bonds, and real estate assets. Assets not counted here are bank deposits, insurance "reserve" assets, and human assets; also it is not clear if all debt and equity investments are counted in the categories equities and bonds. For US asset levels see FRB: Z.1 Release-- Flow of Funds Accounts of the United States.

Palaces

Palaces

Overview of real estate markets

The main participants in real estate markets are:

  • Owner/User - These people are both owners and tenants. They purchase houses or commercial property as an investment and also to live in or utilize as a business.
  • Owner - These people are pure investors. They do not consume the real estate that they purchase. Typically they rent out or lease the property to someone else.
  • Renter - These people are pure consumers.
  • Developers - These people prepare raw land for building which results in new product for the market.
  • Renovators - These people supply refurbished buildings to the market.
  • Facilitators - This includes banks, real estate brokers, lawyers, and others that facilitate the purchase and sale of real estate.

The owner/user, owner, and renter comprise the demand side of the market, while the developers and renovators comprise the supply side. In order to apply simple supply and demand analysis to real estate markets a number of modifications need to be made to standard microeconomic assumptions and procedures. In particular, the unique characteristics of the real estate market must be accommodated. These characteristics include:

  • Durability - Real estate is durable. A building can last for decades or even centuries, and the land underneath it is practically indestructible. Because of this, real estate markets are modeled as a stock/flow market. About 98% of supply consists of the stock of existing houses, while about 2% consists of the flow of new development. The stock of real estate supply in any period is determined by the existing stock in the previous period, the rate of deterioration of the existing stock, the rate of renovation of the existing stock, and the flow of new development in the current period. The effect of real estate market adjustments tend to be mitigated by the relatively large stock of existing buildings.
  • Heterogeneous - Every piece of real estate is unique, in terms of its location, in terms of the building, and in terms of its financing. This makes pricing difficult, increases search costs, creates information asymmetry and greatly restricts substitutability. To get around this problem, economists (beginning with Muth (1960)) define supply in terms of service units, that is, any physical unit can be deconstructed into the services that it provides. Olsen (1969) describes these units of housing services as an unobservable theoretical construct. Housing stock depreciates making it qualitatively different from a new building. The market equilibrating process operates across multiple quality levels. Further, the real estate market is typically divided into residential, commercial, and industrial segments. It can also be further divided into subcategories like recreational, income generating, area, historical/protected, etc.
  • High Transaction costs - Buying and/or moving into a home costs much more than most types of transactions. These costs include search costs, real estate fees, moving costs, legal fees, land transfer taxes, and deed registration fees. Transaction costs for the seller typically range between 1.5 - 6% of the purchase price. In some countries in Continental Europe, transaction costs for both buyer and seller can range between 15 - 20%.
  • Long time delays - The market adjustment process is subject to time delays due to the length of time it takes to finance, design, and construct new supply, and also due to the relatively slow rate of change of demand. Because of these lags there is a great potential for disequilibrium in the short run. Adjustment mechanisms tend to be slow, relative to more fluid markets.
  • Both an investment good and a consumption good - Real estate can be purchased with the expectation of attaining a return (an investment good), or with the intention of using it (a consumption good), or both. These functions can be separated (with market participants concentrating on one or the other function) or can be combined (in the case of the person that lives in a house that they own). This dual nature of the good means that it is not uncommon for people to over-invest in real estate, that is, to invest more money in an asset than it is worth on the open market.
  • Immobility - Real estate is locationally immobile (save for mobile homes, but the land underneath them is still immobile). Consumers come to the good rather than the good going to the consumer. Because of this, there can be no physical market-place. This spatial fixity means that market adjustment must occur by people moving to dwelling units, rather than the movement of the goods. For example, if tastes change and more people demand suburban houses, people must find housing in the suburbs, because it is impossible to bring their existing house and lot to the suburb (even a mobile home owner, who could move the house, must still find a new lot). Spatial fixity combined with the close proximity of housing units in urban areas suggest the potential for externalities inherent in a given location.

Forest/Wildlife Areas

Forest/Wildlife Areas

India 1857

India 1857

Cultural heritage tourism

Cultural heritage tourism (or just heritage tourism) is a branch of tourism oriented towards the cultural heritage of the location where tourism is occurring.

Culture has always been a major object of travel, as the development of the Grand Tour from the 16th century onwards attests. In the 20th century, some people have claimed, culture ceased to be the objective of tourism: tourism is now culture. Cultural attractions play an important role in tourism at all levels, from the global highlights of world culture to attractions that underpin local identities. (Richards, 1996)

According to the Weiler and Hall, culture, heritage and the arts have long contributed to appeal of tourist destination. However, in recent years ‘culture’ has been rediscovered as an important marketing tool to attract those travellers with special interests in heritage and arts. According to the Hollinshead, cultural heritage tourism defines as cultural heritage tourism is the fastest growing segment of the tourism industry because there is a trend toward an increase specialization among tourist. This trend is evident in the rise in the volume of tourists who seek adventure, culture, history, archaeology and interaction with local people.

Cultural heritage tourism is important for various reasons; it has a positive economic and social impact, it establishes and reinforces identity, it helps preserve the cultural heritage, with culture as an instrument it facilitates harmony and understanding among people, it supports culture and helps renew tourism (Richards, 1996).

Cultural heritage tourism has a number of objectives that must be met within the context of sustainable development such as; the conservation of cultural resources, accurate interpretation of resources, authentic visitors experience, and the stimulation of the earned revenues of cultural resources. We can see therefore, that cultural heritage tourism is not only concerned with identification, management and protection of the heritage values but it must also be involved in understanding the impact of tourism on communities and regions, achieving economic and social benefits, providing financial resources for protection, as well as marketing and promotion. (J. M. Fladmark, 1994)

Heritage tourism involves visiting historical or industrial sites that may include old canals, railways, battlegrounds, etc. The overall purpose is to gain an appreciation of the past. It also refers to the marketing of a location to members of a diaspora who have distant family roots there.

Decolonization and immigration form the major background of much contemporary heritage tourism. Falling travel costs have also made heritage tourism possible for more people.

Another possible form involves religious travel or pilgrimages. Many Catholics from around the world come to the Vatican and other sites such as Lourdes or Fátima. Large numbers of Jews have both visited Israel and emigrated there. Many have also gone to Holocaust sites and memorials. Islam commands its followers to take the hajj to Mecca, thus differentiating it somewhat from tourism in the usual sense, though the trip can also be a culturally important event for the pilgrim.

Heritage Tourism can also be attributed to historical events that have been dramatised to make them more entertaining. For example a historical tour of a town or city using a theme such as ghosts or vikings.

Forts

Forts

Resort town


A resort town, sometimes called a resort destination, is a town or area where tourism or vacationing is a primary component of the local culture and economy. Most resort towns have one or more actual resorts in or nearby, although some places are considered resort towns merely because of their popularity among tourists.

Typically, the economy of a resort town is geared almost entirely towards catering to tourists, with most residents of the area working in the tourism or resort industry. Shops and luxury boutiques selling locally-themed souvenirs, motels, and unique restaurants often proliferate the downtown areas of a resort town.

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Resort town economy

If the resorts or tourist attractions are seasonal in nature (such as a ski resort), resort towns typically experience a on-season where the town is bustling with tourists and workers, and an off-season where the town is populated only by a small amount of local year-round residents.

In addition, resort towns are often popular with wealthy retirees and people wishing to purchase vacation homes, which typically drives up property values and the cost of living in the region. Sometimes resort towns can become boomtowns due to the quick development of retirement and vacation-based residences [1].

However, most of the employment available in resort towns are typically low paying and it can be difficult for workers to afford to live the area in which they are employed [2]. Many resort towns have spawned nearby bedroom communities where the majority of the resort workforce lives.

Resorts towns sometimes struggle with problems regarding sustainable growth [3], due to the seasonal nature of the economy, the dependence on a single industry, and the difficulties in retaining a stable workforce.

Examples of resort towns

Asia

Middle East

North America

Canada

Mexico

United States

Europe

Old Residences

Old Residences

Luxury Resort

A luxury resort, sometimes referred to as an exclusive resort, is a very expensive vacation facility which is fully staffed and has been rated with five stars. Luxury resorts often boast many visitor activities and attractions such as golf, watersports, spa and beauty facilities, skiing, natural ecology and tranquility. Because of the extent of amenities offered, a luxury resort is also considered a destination resort.

A luxury resort is an elite luxury property which exhibits an exceptionally high degree of customer service and hospitality. A flawless execution of guest services will be the resort staff's and management's main concern. A luxury resort will commonly also feature a superb architectural interior and exterior design as well as an interesting physical location.

The interior design will normally be elegant with stylish bedroom decor, exceptional dining facilities, and manicured landscaping and meticulous grounds. Luxury resorts will often also be in based in exceptionally desirable and strategic worldwide locations, from beautiful tropical islands, to snow caked mountains, to scenic lakes and rivers, to exhilarating cities. The locations will often be famous for featured activities from skiing to golf, water spots, diving, fishing, sailing and nature walks to glamorous shopping and nightlife entertainment.

A luxury resort may vary greatly in character, style and theme from resort to resort. A luxury resort will, however, normally be characterized by a high level of luxury, sophistication and, of course, price. Accommodations are first class, whether they follow a classic and traditional nature or a more minimalist and modern styling. An unmatched level of comfort will be available at a luxury resort, as well as many personalized services and amenities.

Old Factories

Old Factories

Recent developments in tourism


Disneyland, a major tourist destination
Disneyland, a major tourist destination

There has been an upmarket trend in the tourism over the last few decades, especially in Europe where international travel for short breaks is common. Tourists have higher levels of disposable income and greater leisure time and they are also better-educated and have more sophisticated tastes. There is now a demand for a better quality products, which has resulted in a fragmenting of the mass market for beach vacations; people want more specialised versions, such as 'Club 18 -30', quieter resorts, family-oriented holidays, or niche market-targeted destination hotels. As well, people are taking second short break holidays.

The developments in technology and transport infrastructure such as jumbo jets and low-budget airlines have made many types of tourism more affordable. There have also been changes in lifestyle, such as retiree-age people who living as a tourist all the year round. This is facilitated by internet purchasing of tourism products. Some sites have now started to offer dynamic packaging, in which an inclusive price is quoted for a tailor- made package requested by the customer upon impulse.

There have been a few setbacks in tourism, such as the September 11, 2001 attacks and terrorist threats to tourist destinations such as Bali and European cities. Some of the tourist destinations, including the beach resorts of Cancún have lost popularity due to shifting tastes. In this context, the excessive building and environmental destruction often associated with traditional "sun and beach" tourism may contribute to a destination's saturation and subsequent decline. Spain's Costa Brava, a popular 1960s and 1970s beach location is now facing a crisis in its tourist industry. On December 26, 2004 a tsunami, caused by the 2004 Indian Ocean earthquake hit Asian countries bordering the Indian Ocean, and also the Maldives. Tens of thousands of lives were lost, and many tourists died. This, together with the vast clean-up operation in place, has stopped or severely hampered tourism to the area.

The terms tourism and travel are sometimes used interchangeably. In this context travel has a similar definition to tourism, but implies a more purposeful journey. The terms tourism and tourist are sometimes used pejoratively, to imply a shallow interest in the cultures or locations visited by tourists.

Sustainable tourism is becoming more popular as people start to realize the devastating effects poorly planned tourism can have on communities. Receptive tourism is now growing at a very rapid rate in many developing countries, where it is often the most important economic activity in local GDP.

In recent years, second holidays or vacations have become more popular as people's discretionary income increases. Typical combinations are a package to the typical mass tourist resort, with a winter skiing holiday or weekend break to a city or national park.

Islands

Islands

Niche tourism


Physical activity or sports-oriented niche tourism includes adventure tourism such as mountaineering and hiking (tramping); Backpacker Tourism; Sport travel to do skiing, golf and scuba diving or see a sports event (e.g., FIFA World Cup); and extreme tourism for people interested in risky activities.

Learning-oriented niche tourism includes audio tourism and audio walking tours; bookstore tourism, in which travellers visit independent bookstores; creative tourism workshops; educational tourism for classes; ancestry tourism, to visit birth places; Hobby tourism (such as garden tours, amateur radio DX-peditions, or square dance cruises).

Lifestyle-oriented niche tourism types include Gay tourism; Gourmet tourism; Wine tourism; Health tourism; Medical tourism; Inclusive tourism (or Accessible Tourism) for people with disabilities.

Other miscellaneous types of niche tourism include:

  • Free Independent Traveler: a sector of the market in which the tourists select their own accommodation and transport, rather than using the established tourism booking system.
  • Perpetual tourism: individuals always on vacation; some of them, for tax purposes, to avoid being resident in any country.
  • Sacred travel or metaphysical tourism is a form of New Age travel where believers travel to and perform rituals at religious sites
  • Vacilando is a special kind of wanderer for whom the process of traveling and discovery is more important than the destination.
  • Visiting Family and Relatives (VFR) Tourism: traveling to visit persons related by close family ties and combining this with vacation-type activities; distinct from ancestry tourism, which involves genealogical research

Tourism as an upcoming industry


International tourism receipts in 2005
International tourism receipts in 2005

The World Tourism Organization (UNWTO) forecasts that international tourism will continue growing at the average annual rate of 4 %.[3] By 2020 Europe will remain the most popular destination, but its share will drop from 60 % in 1995 to 46 %. Long-haul will grow slightly faster than intraregional travel and by 2020 its share will increase from 18 % in 1995 to 24 %.

With the advent of e-commerce, tourism products have become one of the most traded items on the internet. Tourism products and services have been made available through intermediaries, although tourism providers (hotels, airlines, etc.) can sell their services directly. This has put pressure on intermediaries from both on-line and traditional shops.

It has been suggested there is a strong correlation between Tourism expenditure per capita and the degree to which countries play in the global context[4]. Not only as a result of the important economic contribution of the tourism industry, but also as an indicator of the degree of confidence with which global citizens leverage the resources of the globe for the benefit of their local economies. This is why any projections of growth in tourism may serve as an indication of the relative influence that each country will exercise in the future.

Space tourism is expected to "take off" in the first quarter of the 21st century, although compared with traditional destinations the number of tourists in orbit will remain low until technologies such as a space elevator make space travel cheap.

Technological improvement is likely to make possible air-ship hotels, based either on solar-powered airplanes or large dirigibles. Underwater hotels, such as Hydropolis, expected to open in Dubai in 2009, will be built. On the ocean tourists will be welcomed by ever larger cruise ships and perhaps floating cities.

Some futurists expect that movable hotel "pods" will be created that could be temporarily erected anywhere on the planet, where building a permanent resort would be unacceptable politically, economically or environmentally.

Resorts

Resorts

Hotels

Services and facilities

An upscale hotel room in the Renaissance Hotels chain in the U.S.
An upscale hotel room in the Renaissance Hotels chain in the U.S.

Basic accommodation of a room with only a bed, a cupboard, a small table and a washstand has largely been replaced by rooms with en-suite bathrooms and, more commonly in the United States than elsewhere, climate control. Other features found may be a telephone, an alarm clock, a TV, and broadband Internet connectivity. Food and drink may be supplied by a mini-bar (which often includes a small refrigerator) containing snacks and drinks (to be paid for on departure), and tea and coffee making facilities (cups, spoons, an electric kettle and sachets containing instant coffee, tea bags, sugar, and creamer or milk).

Some hotels offer various combinations of meals as part of a room and board arrangement. These are often advertised as:

European Plan no meals are included, or only a minimal breakfast
American Plan all meals included (full board)
Modified American Plan option of breakfasts and dinners

In the United Kingdom a hotel is required by law to serve food and drinks to all comers within certain stated hours; to avoid this requirement it is not uncommon to come across "private hotels" which are not subject to this requirement.

However, in Japan the capsule hotel supplies minimal facilities and room space.

Classification

A View of H.Top Calella Palace in Spain.
A View of H.Top Calella Palace in Spain.

The cost and quality of hotels are usually indicative of the range and type of services available. Due to the enormous increase in tourism worldwide during the last decades of the 20th century, standards, especially those of smaller establishments, have improved considerably. For the sake of greater comparability, rating systems have been introduced, with the one to five stars classification being most common.[citation needed]

Boutique hotels

"Boutique Hotel" is a term originating in North America to describe intimate, usually luxurious or quirky hotel environments. Boutique hotels differentiate themselves from larger chain or branded hotels by providing an exceptional and personalized level of accommodation, services and facilities. Because of their financial successes in the most recent past, there have been attempts to create chains have adopted the "boutique" look and feel. In the US this trend was started by the "W" hotel chain in the 1990s and most recently this trend can be observed in chains as "aloft", "NYLO","Hyatt Place" and others. Through this corporate adaptation of the concept the term "boutique" also changed and more recently hoteliers prefer to use the term "lifestyle hotels" to get away from the above mentioned quirky image.[citation needed]

Boutique hotels are sometimes furnished in a themed, stylish and/or aspirational manner. Although usually considerably smaller than a mainstream hotel (ranging from 3 to 100 guest rooms) boutique hotels are generally fitted with telephone and wi-fi Internet connections, honesty bars and often cable/pay TV. Guest services are attended to by 24 hour hotel staff. Many of the boutique hotels have on site dining facilities, and the majority offer attractive bars as well as lounges which may also be open to the general public.[citation needed]

Of the total travel market a small percentage are discerning travelers, who place a high importance on privacy, luxury and service delivery. This market is typically price insensitive (made up of both high end leisure and corporate travelers), non-seasonal, high-yielding and repeat, and therefore one which boutique hotel and other high-end operators target as their primary source of income.[citation needed]

Motels

There is no hard and fast rule differentiating motels from other hotels, although the word motel suggests that it is aimed at motorists. This may simply mean that it is a hotel with good access to the road network (on a motorway or ring road) so that a long car journey need not be interrupted for long by town-centre traffic. In other cases the designation is simply an attempt to make the most of a poor location inconvenient for town-centre services and attractions. Classically, though, a motel is a hotel which is made convenient for people who, for whatever personal reason, wish to be able to have quick access from the outside world (especially from their parked car) to the hotel room - without passing the scrutiny of a receptionist or fellow guests. This is usually arranged by having rooms (sometimes in individual chalets or even trailers) arranged around the car park with room doors opening directly to the outside rather than to an internal corridor.[citation needed]

Historic hotels

Hotel Astoria and a statue of Tsar Nicholas I of Russia in front, in Saint Petersburg
Hotel Astoria and a statue of Tsar Nicholas I of Russia in front, in Saint Petersburg

Some hotels have gained their renown through tradition, by hosting significant events or persons, such as Schloss Cecilienhof in Potsdam, Germany, which derives its fame from the so-called Potsdam Conference of the World War II allies Winston Churchill, Harry Truman and Joseph Stalin in 1945. Other establishments have given name to a particular meal or beverage, as is the case with the Waldorf Astoria in New York City, USA, known for its Waldorf Salad or the Raffles Hotel in Singapore, where the drink Singapore Sling was invented. Another example is the Hotel Sacher in Vienna Austria, home of the Sachertorte or even the Hotel de Paris where the crèpe Suzette was invented.

There are also hotels which became much more popular through films like the Grand Hotel Europe in Saint Petersburg, Russia when James Bond stayed there in the blockbuster Goldeneye. Cannes hotels such as the Carlton or the Martinez become the center of the world during Cannes Film Festival (France).

A number of hotels have entered the public consciousness through popular culture, such as the Ritz Hotel in London, UK ('Putting on The Ritz'), the Algonquin Hotel in New York City with its famed Algonquin Round Table and Hotel Chelsea, also in New York City, subject of a number of songs and also the scene of the stabbing of Nancy Spungen (allegedly by her boyfriend Sid Vicious). Hotels that enter folklore like these two are also often frequented by celebrities, as is the case both with the Ritz and the Chelsea.

Unusual hotels

Many hotels can be considered destinations in themselves, by dint of unusual features of the lodging and/or its immediate environment:

The first of the Ariau towers
The first of the Ariau towers

Treehouse hotels

Some hotels, such as the Costa Rica Tree House in the Gandoca-Manzanillo Wildlife Refuge, Costa Rica, or Treetops Hotel in Aberdare National Park, Kenya, are built with living trees as structural elements, making them treehouses.

The Ariau Towers near Manaus, Brazil is in the middle of the Amazon, on the Rio Negro. Bill Gates even invested and had a suite built there with satellite internet/phone.

Another hotel with treehouse units is Bayram's Tree Houses in Olympos, Turkey [2].

Another ecological treehouse hotel is in the natural reserve at Rio Claro , Antioquia, (Colombia).

Cave hotels

A state hotel in Cienfuegos, Cuba
A state hotel in Cienfuegos, Cuba

Desert Cave Hotel in Coober Pedy, South Australia and the Cuevas Pedro Antonio de Alarcón (named after the author) in Guadix, Spain, as well as several hotels in Cappadocia, Turkey, are notable for being built into natural cave formations, some with rooms underground.

Capsule hotels

Capsule hotels are a type of economical hotels that are quite common in Japan.

Ice hotels

Main article: Ice hotel

Ice hotels, such as the Ice Hotel in Jukkasjärvi, Sweden, melt every spring and are rebuilt out of ice and snow each winter.

Snow hotels

The Mammut Snow Hotel in Finland is located within the walls of the Kemi snow castle, which is the biggest in the world. It includes The Mammut Snow Hotel, The Castle Courtyard, The Snow Restaurant and a chapel for weddings, etc. Its furnishings and decorations, such as sculptures, are all made of snow and ice.

A hotel which offers similar accommodation is the Lainio Snow Hotel in Lapland, near Ylläs, Finland.

Garden hotels

Garden hotels, famous for their gardens before they became hotels, includes Gravetye Manor, the home of William Robinson and Cliveden, designed by Charles Barry with a rose garden by Geoffrey Jellicoe.

Underwater hotels

As of 2005, the only hotel with an underwater room that can be reached without Scuba diving is Utter Inn in Lake Mälaren, Sweden. It only has one room, however, and Jules Undersea Lodge in Key Largo, Florida, which requires Scuba diving, is not much bigger.

Hydropolis is an ambitious project to build a luxury hotel in Dubai, UAE, with 220 suites, all on the bottom of the Persian Gulf, 20 meters (66 ft) below the surface. Its architecture will feature two domes that break the surface and an underwater train tunnel, all made of transparent materials such as glass and acrylic.

Other unusual hotels

The Dariush Grand Hotel in Kish Island, Iran, built with the theme of the world heritage Persepolis.

The Library Hotel in New York City is unique in that its ten floors are arranged according to the Dewey Decimal System.

The Rogers Centre, formerly SkyDome, in Toronto, Canada is the only stadium to have a hotel connected to it, with 70 rooms overlooking the field. West Ham United F.C.in the UK now has a hotel with rooms that overlook the pitch and sometimes double as executive boxes for important games, as does Coventry City's Ricoh Arena.

The Burj al-Arab hotel in Dubai, United Arab Emirates, built on an artificial island, is structured in the shape of a sail of a boat.

The RMS Queen Mary in Long Beach, California is the only 1930s ocean liner still in existence. Its elegant first-class staterooms are now used as a hotel.

The Oriental Pearl Tower in Shanghai houses an extremely expensive hotel with only 20 rooms.

The Hotel Ca Sa Padrina in Palma de Mallorca It is an automatic hotel that works without recepcionist at all

Beach Resorts

Beach Resorts

World-record setting hotels


Tallest

The tallest hotel in the world is thought to be the Burj al-Arab in Dubai, United Arab Emirates, at 280 metres, which however will soon be surpassed by the nearby Rose Rotana Suites at 333 meters (1,091 ft). The Ryugyong Hotel in Pyongyang was intended to reach 330 meters (1,083 ft), but is unlikely to be completed; it has been under construction since 1987 and was abandoned in 1992. The Baiyoke Sky Hotel in Bangkok, Thailand has a building height of 309 meters, but rooms do not go all the way to the top.

The highest hotel rooms are in the Grand Hyatt in the Jin Mao Building in Shanghai, the highest floor being at around 350 m.

Largest

The largest hotel in the world is the MGM Grand Las Vegas in Las Vegas, Nevada, USA with a total of 6,276 rooms[3] as of December 20, 2006. On December 18, 2006 Guinness World Records listed the First World Hotel in Genting Highlands, Malaysia[1] as the world's largest hotel. It has a total of 6,118 rooms and is part of the Genting Highlands Resort and Casino. The First World Plaza which is joined to the two hotel towers boasts 500,000 square feet (50,000 m²) of indoor theme park, shopping centres, casino gaming areas, and eateries. Previously, Guinness had listed the MGM Grand Las Vegas in Las Vegas, Nevada, USA with 5,005 rooms as the largest hotel in the world.[2]

In the past, other hotels have held the title of largest hotel in the world, in terms of the number of rooms. Some of these include the Rossiya Hotel near Moscow's Red Square, and the Ambassador City Jomtien in Pattaya, Thailand. Other large hotels being considered for development that may one day take the title are in Penang, Malaysia and Macau.

Oldest

According to the Guinness Book of World Records, the oldest hotel still in operation is the Hoshi Ryokan, in Awazu, Japan. It opened in 717, and features hot springs.

Ski Resorts

Ski Resorts

Apartment



An apartment estate in Singapore; such blocks make up the majority of public housing and also housing in general in Singapore.
An apartment estate in Singapore; such blocks make up the majority of public housing and also housing in general in Singapore.

An apartment is a self-contained housing unit that occupies only part of a building. Apartments may be owned (by an owner-occupier) or rented (by tenants).

The term "apartment" is favored in North America, whereas the term "flat" is sometimes, but not exclusively used in the United Kingdom and most other English-speaking areas and Commonwealth nations[citation needed] (Canada being a notable exception); in those countries, "apartment" is often used to describe more upmarket flats.

Some apartment-dwellers own their apartments, either as co-ops, in which the residents own shares of a corporation that owns the building or development; or in condominiums, whose residents own their apartments and share ownership of the public spaces. Most apartments are in buildings designed for the purpose, but large older houses are sometimes divided into apartments. The word apartment connotes a residential unit or section in a building. Apartment building owners, lessors, or managers often use the more general word units to refer to apartments. Units can be used to refer to rental business suites as well as residential apartments. When there is no tenant occupying an apartment, the lessor is said to have a vacancy. For apartment lessors, each vacancy represents a loss of income from rent-paying tenants for the time the apartment is vacant (i.e., unoccupied). Lessors' objectives are often to minimize the vacancy rate for their units. The owner of the apartment typically when transferring possession to the occupant(s) gives him/her the key to the apartment entrance door(s) and any other keys needed to live there, such as a common key to the building or any other common areas, and an individual unit mailbox key. When the occupant(s) move out, these keys are typically returned to the owner.

Apartment types and characteristics

A northern European apartment building.
A northern European apartment building.
A living room in Avalon Riverview North, a New York city luxury apartment building.
A living room in Avalon Riverview North, a New York city luxury apartment building.

Apartments can be classified into several types. Studio, efficiency, bedsit, and bachelor style apartments all tend to be the smallest apartments with the cheapest rents in a given area. These kinds of apartment usually consist mainly of a large room which is the living, dining, and bedroom combined. There are usually kitchen facilities as part of this central room, but the bathroom is its own smaller separate room. Moving up from the efficiencies are one-bedroom apartments where one bedroom is a separate room from the rest of the apartment. Then there are two-bedroom, three-bedroom, etc. apartments. Small apartments often have only one entrance/exit. Large apartments often have two entrances/exits, perhaps a door in the front and another in the back. Depending on the building design, the entrance/exit doors may be directly to the outside or to a common area inside, such as a hallway. Depending on location, apartments may be available for rent furnished with furniture or unfurnished into which a tenant usually moves in with their own furniture. Permanent carpeting is often included in an apartment.

Laundry facilities may be found in a common area accessible to all the tenants in the building, or each apartment may have its own facilities. Depending on when the building was built and the design of the building, utilities such as water, heating, and electricity may be common for all the apartments in the building or separate for each apartment and billed separately to each tenant (however, many areas in the US have ruled it illegal to split a water bill among all the tenants, especially if a pool is on the premises). Outlets for connection to telephones are typically included in apartments. Telephone service is optional and is practically always billed separately from the rent payments. Cable television and similar amenities are extra also. Parking space(s), air conditioner, and extra storage space may or may not be included with an apartment. Rental leases often limit the maximum number of people who can reside in each apartment. On or around the ground floor of the apartment building, a series of mailboxes are typically kept in a location accessible to the public and, thus, to the letter-carrier too. Every unit typically gets its own mailbox with individual keys to it. Some very large apartment buildings with a full-time staff may take mail from the mailman and provide mail-sorting service. Near the mailboxes or some other location accessible by outsiders, there may be a buzzer (equivalent to a doorbell) for each individual unit. In smaller apartment buildings such as two- or three-flats, or even four-flats, garbage is often disposed of in trash containers similar to those used at houses. In larger buildings, garbage is often collected in a common trash bin or dumpster. For cleanliness or minimizing noise, many lessors will place restrictions on tenants regarding keeping pets in an apartment.

Art Deco block
Art Deco block[1]

In some parts of the world, the word apartment is used generally to refer to a new purpose-built self-contained residential unit in a building, whereas the word flat means a converted self-contained unit in an older building. An industrial, warehouse, or commercial space converted to an apartment is commonly called a loft.

When part of a house is converted for the ostensible use of a landlord's family member, the unit may be known as an in-law apartment or granny flat, though these (sometimes illegally) created units are often occupied by ordinary renters rather than family members. In Canada these suites are commonly located in the basements of houses and are therefore normally called basement suites.

Remote monuments

Remote  monuments

Bed and Breakfast

A Bed and Breakfast, which can also be referred to simply as a B&B, used to be considered almost exclusively as a type of boarding house typically operating out of a large single family residence. Over the past twenty or thirty years however, that definition has changed. As travelers became increasingly interested in unique destinations, many larger B&B's flourished operating as professionally run lodging establishments. These days a Bed and Breakfast can range from a smaller home-stay operation, all the way up to historical properties with upwards of twenty or more rooms that more closely resemble the traditional definition of an "Inn." One thing most of the properties have in common is a focus on customer service, individually decorated rooms, and a home-cooked but restaurant-style breakfast.

Generally, across all of the different properties, regardless of size, guests are accommodated at night in private bedrooms and breakfast is served in the morning - either in the bedroom or, more commonly, in a dining room or the host's kitchen. Bathrooms in the larger properties tend to be compltely private, though in some properties they may be shared (with other guests or with the family in smaller establishments) or en-suite (where the washing facilities are directly accessed from the guest's bedroom).

B&Bs may be operated either as a primary occupation or as a secondary source of income. Staff often consists of the house's owners and members of their family who live there in the case of smaller operations. Often properties with more than four or five rooms hire professional management or even local chefs to prepare the meals.

Staying at a B&B can offer better access to popular locations "off the beaten path" which may not be convenient to the city center or from hotels. B&B properties may often be located closer to locations where other larger lodging competitors may not place a guest accommodation because of market conditions.

The term "bed and breakfast" is also used to refer to a meal plan where breakfast is the only meal provided, commonly in package holidays, in a major hotel that may provide other meals to only some customers.


History

The B&B arrangement is a very old one. Before the 20th century, it was quite normal for country travellers to spend the night at a private house rather than an inn, and this custom persists in many parts of the world. However, prior to the 19th century, this was strictly an informal arrangement constrained by acquaintance and social rank; a doctor might stay with a doctor or pharmacist, while a nobleman would stay with the local gentry.

The abbreviation of "B&B" on roadside signs first became popular in the British Isles - typically with a detachable "Vacancies" sign swinging below.

National differences

Australia

Despite the cultural similarities, there are far fewer[1] B&B's in the whole continent of Australia than there are in just the South Island of New Zealand despite the resident population being more than twenty times greater.

Since 1879 the average per capita disposable income of Australians has been greater than that of New Zealanders and this has mitigated the powerful incentive to let out rooms in their homes to travellers. Another factor may be that Australia has, apart from City States such as Singapore, the greatest concentration of city dwellers anywhere on the globe and these cities are amply supplied with budget hotels and motels.

Belgium

In Belgium bed and breakfasts generally offer better value than hotels, and provide the opportunity to sample the local food and meet new people. Bed and breakfast accommodations often have a very relaxing, homey feel to them.

Britain and Ireland

Britain and Ireland have some of the most expensive hotel beds in the European Union[citation needed] and throughout the British Isles, B&Bs are a budget option where owners often take pride in the high service levels, local knowledge and personal touch that they are able to offer.

There tend to be concentrations of B&Bs in the seaside towns where, historically, the working classes holidayed such as Newcastle in Ireland and Blackpool in England but they are also widespread in isolated rural areas such as the Highlands of Scotland and Connemara where there is not a year-round concentration of travellers sufficient to sustain an hotel.

Breakfast is usually cooked on demand for the guest and usually features bacon, eggs, sausages, tomatoes, mushrooms, baked beans, etc but, increasingly, because of either a desire of owners to economise or guests to minimise their calorie intake, a continental breakfast is becoming more common. In Ireland, most B&Bs serve a traditional Full breakfast as a point of pride.

In recent years some bed and breakfast businesses in the UK have struggled against budget hotel chains such as Premier Travel Inn and Travelodge. Traditionally, business travellers used B&Bs but many of these clients now tend to stay in budget hotel chains. However, in holiday areas the B&B or small hotel still prevails. Unlike the 'chain' accommodation providers these provide a more comprehensive service and breakfast is included in the price.

Cuba

In Cuba, which opened up to tourism in the 1990s after the financial support of the Soviet Union ended, a form of B&B called casa particular ("private home") became the main form of accommodation outside the tourist resorts.

Israel

The Israeli B&B is known as a zimmer. All over the country, but especially in the north of the country and the Galilee, zimmers have become a popular alternative to hotels for romantic weekends or family vacations.[1]

New Zealand

A Centre of New Zealand Bed and Breakfast
A Centre of New Zealand Bed and Breakfast

As in the USA, Bed and Breakfasts in New Zealand tend to be more expensive than Motels and often feature historic homes and lovingly furnished bedrooms at a commensurate price. The historic city of Nelson has an unusually high concentration of both of these accommodation alternatives because it was historically the place where kiwis holidayed.

North America

Many B&Bs in North America (and New Zealand) try to create a historical ambiance, with old properties turned into guesthouses decorated with antique furniture. Recently B&B and Inn owners have been launching upscale amenities to improve business and move "up-market." It is not uncommon now to find free wireless internet access, free parking, spa services, or nightly wine and cheese hours. Due to the need to stay competitive with the rest of the lodging industry, larger bed and breakfast inns have expanded to offer wedding services, business conference facilities, and meeting spaces as well as many other services a large hotel might offer.

Regulations

Regulations and laws vary considerably in each national jurisdiction both in content and extent and in enforcement.

The most common regulations B&Bs must follow pertain to safety. They are usually required by local and national ordinances to have fire resistance, a sufficient fire escape plan in place, and smoke detectors in each guest room. Kitchens and equipment used to serve meals are also often required to be monitored for hygienic operation, but there are significant national and local differences.

Most B&Bs are generally compliant with their jurisdiction's laws. However, guests are mostly unfamiliar with these guidelines and may miss any violations out of ignorance or a desire not to be involved in reporting violations while on holiday.

National associations

While various local governments have regulations and inspect for health issues and fire safety code, membership in a state/provincial/national bed and breakfast association can indicate a higher standard of hospitality. Associations sometimes review their members' properties and tend to have additional standards of care.

These associations also facilitate marketing of the individual B&Bs and provide a stamp of approval that the business in question is reputable. This "stamp of approval", however, may be just an indication that membership dues have have been paid.

USA

Two for profit professional innkeeper associations that operate in the United States are the Professional Association of Innkeepers International (Professional Association of Innkeepers International) and Select Registry (Select Registry)

The Professional Association of Innkeepers International (PAII) is a national for profit organization with members in the U.S., Canada, and other countries. PAII currently holds annual trade conferences for education of innkeepers and prospective innkeepers. Attendance to these conferences is open and well advertised to all. PAII also provides an industry study to all of its members at low cost that details operations and finance of the industry.

Select Registry is a national organization that inspects its member properties on a regular basis, beyond routine inspections that may be carried out by the local government.[2]

A third almost ad hoc organization is the Caucus of American Innkeepers (or CAIK) is a social and professional networking organization for owners of B&Bs, country inns, and similar properties.

Reservations and payment

Guests are usually expected to pay for their stay upon or before arrival and may be asked to leave in time before the next guest arrives so that their room can be properly prepared. This policy is not unlike any regular hotel accommodation; but the innkeeper, in fact, may have more discretion being the owner of the property. Innkeepers often have a good idea as to when the next guest is arriving and may be able to be more flexible than a hotel. This is all part of the personalized service Innkeepers can offer guests due to the property's smaller size.

Booking a B&B or Inn has gotten much easier with advent of the Internet. Many properties offer fully bookable online reservations from their website. In addition, websites like BedandBreakfast.comand BBOnline offer online reservations for a vast number of properties.

Because most B&Bs are small, typically with 2-20 rooms, it is advisable for anyone wanting to stay at a particular B&B to make reservations reasonably well in advance of their travel date. Location and time of year play an important role in room availability. Consultation with a qualified travel agent or the innkeeper with this type of accommodation may be helpful. Many B&Bs increasingly belong to associations and have a web presence.

Be aware that prices and tariffs described in various books and paper travel guides are often obsolete by the time they are published - Wikitravel may contain more up to date information.

Wetlands

Wetlands

Apartment hotel

(also ApartHotel, Apart Hotel and Apart-Hotel) is a type of accommodation, described as "a serviced apartment complex that uses a hotel style booking system". It is similar to renting an apartment, but with no fixed contracts and occupants can 'check-out' whenever they wish.

Apartment hotels are flexible types of accommodation; instead of the rigid format of a hotel room an apartment hotel complex usually offers a complete fully fitted apartment. These complexes are usually custom built, and similar to a hotel complex containing a varied amount of apartments. The length of stay in these apartment hotels is very varied with anywhere from a few days to months or even years. Prices tend to be cheaper than hotels. The people that stay in apartment hotels use them as a home away from home, therefore they are usually fitted with everything the average home would require.

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Origins

Apartment hotels were first created in holiday destinations as accommodation for families that needed to 'live' in an apartment rather than 'stay' as they would in a hotel. The apartments would provide a 'holiday home' but generally be serviced. Later on these apartments evolved to be complete homes, allowing occupants to do everything they would at home, such as cleaning, washing and cooking.

Services and facilities

Essentially the apartment hotel combines the flexibility of apartment living with the service of a hotel. Many of the apartments take advantage of prime locations with panoramic views of cities seen through wall to ceiling windows. Suites usually include high quality finishes, broadband connection & interactive TV, servicing and integrated kitchen and bathroom. High quality leather sofas in the living area and king size beds bring the hotel experience to a whole new level. Those are the luxuries, they also come with the basics: satellite or cable TV, washer, dryer, dishwasher, cooker, oven, fridge, freezer, sink, shower, bath, wardrobes, all the furnishings to be expected in a luxury home.

Extended stay hotels

Extended stay hotels are a type of lodging with features unavailable at standard hotels. These features are intended to provide more home-like amenities. There are currently 27 extended stay chains in North America with at least 7 hotels, representing over 2,000 properties. There is substantial variation among extended stay hotels with respect to quality and the amenities that are available. Some of the economy chains attract clientele who use the hotels as semi-permanent lodging.

Extended-stay hotels typically have self-serve laundry facilities and offer discounts for extended stays, beginning at 5 or 7 days. They also have guestrooms (or "suites") with kitchens. The kitchens include at a minimum usually: a sink, a refrigerator (usually full size), a microwave oven, and a stovetop. Some kitchens also have dishwashers and conventional ovens.

Extended stay hotels are popular with business travelers on extended assignments, families in the midst of a relocation, and anyone else in need of temporary housing. Extended stay hotels are also used by travelers who appreciate the larger space a typical suite provides.


Residence Inn is credited with popularizing the "extended stay" concept. The chain was launched in 1975 in Wichita, Kansas by Jack DeBoer, and acquired by Marriott Corporation in 1987. As of April 2005, there were over 450 Residence Inn hotels in the United States, Canada and Mexico. Jack DeBoer has jumped back in the Extended Stay market developing a concept called Value Place [1].

One of today's most popular long term lodging brands came from the merger of Extended Stay America and Homestead Hotels. Both these chains were already well established when they combined in 2004 to become Extended Stay Hotels with over 670 owned and operated properties nationwide.

Another worldwide hotel chain, Choice Hotels International, franchisor for name brands such as Comfort Inn, Comfort Suites, Sleep Inn and Quality Inn, entered the extended stay market with their MainStay Suites brand. They proceeded to acquire the Suburban Extended Stay hotel chain in 2005, making them a sizeable extended stay system with over 150 hotels open and under development.

Old Towns

Old Towns

Motel

Holiday Inn 'Great Sign'
Holiday Inn 'Great Sign'

Entering dictionaries after World War II, the word motel (portmanteau of "motor" and "hotel" or "motorists' hotel") referred initially to a single building of connected rooms whose doors face a parking lot and/or common area or a series of small cabins with common parking. Their creation was driven by increased driving distances on the United States highway system that allowed easy cross-country travel.

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History

The concept originated with the Motel Inn of San Luis Obispo, constructed in 1925 by Arthur Heineman.

Unlike their predecessors, auto camps and tourist courts, motels quickly adopted a homogenized appearance. Typically one would find an 'I'- or 'L'- or 'U'-shaped structure that included rooms, an attached manager's office, a reception which usually takes up the space of one guest room and perhaps a small diner. Postwar motels sought more visual distinction, often featuring eye-catching neon signs which employed pop culture themes that ranged from Western imagery of cowboys and Indians to contemporary images of spaceships and atomic symbols.

The motel began in the 1920s as mom-and-pop motor courts on the outskirts of a town. They attracted the first road warriors as they crossed the United States in their new automobiles. They usually had a grouping of small cabins and their anonymity made them ideal trysting places (or the "hot trade" in industry lingo). Even the famous outlaws Bonnie and Clyde were frequent guests, using motels as hideouts. The motels' potential for breeding perceived lust and larceny alarmed then FBI chief J. Edgar Hoover, who attacked motels and auto camps in an article he penned called "Camps of Crime", which ran in the February 1940 issue of American Magazine.

Exterior of a Howard Johnson's motor lodge.
Exterior of a Howard Johnson's motor lodge.

Motels differed from hotels in their emphasis on largely anonymous interactions between owners and occupants, their location along highways (as opposed to urban cores), and their orientation to the outside (in contrast to hotels whose doors typically face an interior hallway). Motels almost by definition included a parking lot, while older hotels were not built with automobile parking in mind.

With the 1952 introduction of Kemmons Wilson's Holiday Inn, the 'mom and pop' motels of that era went into decline. Eventually, the emergence of the interstate highway system, along with other factors, led to a blurring of the motel and the hotel. Today, family-owned motels with as few as five rooms may still be found along older highways. The quality and standards of every independent motel differ, so it is always wise to consider alternatives before settling on a room.

Long-stay accommodation

Motels with low rates sometimes serve as housing for people who are not able to afford an apartment or have recently lost their home and need somewhere to stay until further arrangements are made.

Short-time

In most countries of Latin America and some countries of East Asia, motels are also known as short-time hotels, and offer a short-time or "transit" stay with hourly rates primarily intended for people not requiring a full night's accommodation.

Ski slopes

Ski slopes

Vacation rental

Vacation rental is a term in the travel industry meaning renting out a furnished apartment or house on a temporary basis to tourists as an alternative to a hotel. Vacation rentals are becoming increasingly popular in Europe (especially in the UK) as well as in Canada. In some cities, like Barcelona, local authorities determined that vacation rentals were becoming a threat to the hotel industry and passed some legislation placing regulations and limits on the industry.

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Differences between vacation rentals and timeshares

Consumers unfamiliar with the concept of a vacation rental may confuse it with the seemingly similar, but distinctly different, timeshare. A timeshare can still be rented as a vacation rental should an owner decide to put his owned week(s) on a vacation rental program. Many timeshare resorts offer quarter-ownership which offers the owner 13-weeks of ownership and, therefore, more weeks to offer for rental.

A timeshare is a piece of real estate—often a fully furnished condominium—that is jointly shared by multiple owners. While different types of timeshare ownerships exist, in general, each owner bears a portion of the responsibility, along with the right to a segment of time in which he or she is granted sole use of the property. Timeshare resorts allow financially qualified guests to rent and tour their unowned properties and then make those properties available to the guest for purchase. Timeshare owners can also choose to bank their week with and exchange company such as RCI, or rent the unit

Similarly, a vacation rental is a fully furnished property, such as a condominium, townhome or single-family-style home. However, a true vacation rental is not for sale to the guest; rather, the owner of the vacation rental merely allows the guest to rent the property for a predetermined length of time.

Although lower rents for vacation rentals by owner were once the norm, this is no longer the norm nor the primary benefit. Quite often a by owner vacation rental will feature more amenities included in the rental like games, beach equipment, DVD libraries, and a stocked kitchen. Owners managing their own properties tend to be more aware of wear and tear and have better cash flow to use to maintain and upgrade the property.

Pros and cons of vacation rentals

In the United States, hotels often enjoy the advantages of brand recognition, familiar reservation processes, and on-site staff for problem resolution. For a guest, booking a vacation rental often meant stepping out of that comfort zone. Perceived cons of vacation rentals include having to communicate directly with the property owner, being unfamiliar with the property, lack of on-site staff, and concerns about quality or cleanliness. However, there are many vacation rental agencies that manage vacation properties for owners and they offer many of the same services hotels offer to their guests, e.g., front desk check-in, 24-hour maintenance, in-house housekeeping, concierge service.

The benefits generally outweigh the potential negatives, with many vacation rentals offering more space (multiple bedrooms and bathrooms, separate living areas), more amenities (fully equipped kitchens, fireplaces, private hot tubs), convenient locations (on the beach, ski-in/ski-out) and greater privacy than a hotel. As of 2006, vacation rental management has become a $10 billion industry.

Vacation rentals can be a budget studio or an expensive private villa on a private island that runs more than $450,000 a week with a full staff to cater to the guests.

Vacation rentals are available in most states of the US including major tourist areas such as Hawaii, California, and Florida. The vacation rental market is larger in Europe than it is in the United States.

Management companies

Many property owners contract a vacation rental management company to manage the business of their vacation rentals. These management companies market the vacation rental property, providing information and photos to guests and handling reservations and billing in the homeowner’s stead. These companies also handle details such as guest check-in, housekeeping and property maintenance.

The largest vacation rental property management company in the United States represents nearly 17,000 vacation rental properties. Guests who book through vacation rental management companies may experience benefits including quality control, housekeeping services, professional reservations agents and on-site or on-call staff.

Many such companies are members of the Vacation Rental Managers Association.

Listing services and aggregators

Aside from those represented by a few large property management companies, vacation rentals may be offered through aggregation portals. Aggregators typically display property information and photos provided by the homeowner, however the listing services bear no legal responsibility for the accuracy of the information. Also, because the listing services do not verify the information, they strongly encourage guests to request references from past renters and to procure a lease agreement prior to sending money to a homeowner.

A vacation rental may not be booked directly with a listing service. Because each property owner has his or her own deposit and payment requirements, cancellation policies, key-pick-up procedures, etc., a guest must contact the property owner or owner’s agent directly in order to book.

A guest who books through a listing service or direct from owner may experience the benefit of lower rental rates.

Fossil Sites

Fossil Sites