Frequently Asked Questions
It is a Presidential Suite for sale in a Blacksburg hotel that has been partially condoized.
While more common in vacation markets (such as beachside or ski resorts), this is a unique situation that was created to better serve alumni, parents of students, and other frequent visitors of Blacksburg. This is different from a timeshare as it is a deeded condo that is owned solely by the unit owner.
The unit’s “highest and best” use is for frequent visitors of Blacksburg who want a zero-maintenance place to stay (with hotel service!) when visiting for football games or other events. Owners offset expenses when they are not here by allowing the hotel to manage the unit’s occupancy and generate cash flow.
No, zoning laws dictate that the unit be for short-term use only. This is specified as no more than 30 consecutive days. This property represents a unique opportunity as a short-term rental within Town limits. (The Town of Blacksburg does not allow houses to be short-term rentals for more than 90 days out of a calendar year.)
While it can be self-managed (see separate question below), all condoized units are currently managed by the hotel. The hotel has a full-time concierge who is responsible for coordinating with the unit owners to ensure that their needs are met for their stay. This includes reserving the unit for their planned stays as well as reserving other units (adjacent, if desired) for friends and family to stay.
Per Schedule “E” of the Unit Rental Agreement (available upon request), the Presidential Suite has 20 free stays during the year. Any additional stays are discounted, but not free. Stays during high-occupancy events include an “opportunity cost” fee (see separate question below).
If hotel-managed, the hotel determines income by a profit-sharing agreement with the unit owners that is paid out monthly. The monthly rate is determined based upon the previous year’s profit by the owners of the building. Past seven years income rates are available upon request.
If self-managed, the owner dictates nightly rates to guests.
There are 3 regular (2 monthly, 1 annual) fees associated with the units. There is an annual fee that covers maintenance of hotel-specific amenities (pool, weight room, other common areas) a monthly condo fee that covers maintenance of all common areas within the community (parking, snow removal, etc.) and a monthly remodeling fee that goes towards décor renovations of the hotel (currently planned for every 7 years).
An additional “opportunity cost” fee exists for use during high-occupancy events (see below).
The hotel pays for insurance on the unit (owner is responsible for real estate taxes). Per Unit Rental Agreement, hotel also pays for maid service, breakfast and utilities as well as general operations and management.
High-occupancy events (home football weekends, graduation, move-in, etc.) are projected at the start of each year as part of the Unit Rental Agreement between the unit owners and hotel management. Unit owners will be able to reserve these dates ahead of time. Because high-occupancy events are a major income producer for the hotel, high-occupancy event stays incur additional fees to the unit owners. The fee is not paid at one time, but rather deducted from the monthly income. More information is included in Schedule “E” of the Unit Rental Agreement, which is available upon request. Whenever unit owners visit during a high-occupancy event for a minimum of two nights, the hotel grants them 5 additional non-peak free stays.
Yes, while the zoning rules still apply limiting stays to 30 days, the property can be self-managed. Self-managing means unlimited stays by the owner and that the owner will manage guests. This can be done through online platforms and/or using a local short term rental property manager. Income would be dependent on rates and occupancy by the owner. The hotel would charge a nightly fee for any stays (guest or owner) that covers maid service, breakfast and utilities.