When is a condo not a condo? [South Florida]
Condo-hotel sales have been slow at the Penguin in South Beach. Is it real estate, or is it an investment? Owner Markus Friedli is thinking the latter.
Owner Markus Friedli says he is quite pleased with the Penguin Hotel after three years of rising room rates at the affordable South Beach getaway.
But its four months as a condo-hotel have not been as impressive: Sales are slow for the property’s 44 modest but stylish rooms.
”I thought it would be easier,” the 41-year-old hotelier said after selling seven units.