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Condominium/Hotel
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Over the past decade, the sale of rooms and suites in hotels and resorts as condominiums has provided hotel and resort developers and operators with the ability to build many new resorts and renovate and upgrade many existing hotels and resorts. The condominium hotel structure has also allowed these developers and operators to liquidate the equity in these properties so that it can be used for other ventures. Hotel and resort developers and operators all over the country have used this tremendously popular structure. Development of new condominium hotels, or the conversion of existing hotels and resorts into condominium hotels, presents numerous legal challenges and requires skilled and experienced legal counsel to avoid a vast array of pitfalls. Since even a small mistake in the structure or marketing of these projects could end up with the sale of the condominium units being treated as the sale of securities, with all of the attendant federal and state regulation, it is critical that the developer work with attorneys who can guide them through each step.
Axley has a team of attorneys who have helped many clients in Wisconsin and several other states successfully structure more condominium hotel projects than virtually any other firm in the Midwest. Since each condominium hotel project is different and presents unique challenges, Axley's experience and creativity in working with clients to successfully complete these projects is invaluable. The failure to properly structure these projects at the very beginning can cause endless legal and financial problems for the developers for years to come. Since Axley's attorneys have "seen it all" in the condominium hotel field, they are able to use their expertise to assist clients in making the right decisions to avoid such problems in the future. The guidance and expertise provided by Axley continues long after the units have been sold, since a significant aspect of these projects involves their ongoing operation as resorts and hotels, as well as the continued relationship with the unit owners and the condominium association. Axley attorneys also have significant experience in these aspects of condominium hotel projects.
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