Hotel Condo????

[Dougie944]

That was some really good info about the condo-tels.

The reason that the developers are making a condo hotel, rather than doing it themselves is because loans for hotels are very hard to get. There were tons of problems for the lenders after 9/11.

So, if I didn’t know anything else but that…..I would choose to pass. Why do I want to take on the risk that lenders for the entire project are afraid to take on?

Plus there are so many variables that the developers can’t discuss with you because it is “not an investment”. Of course, everyone is buying it as an investment.

That’s my take. If I could get one of those at half off after it didn’t work for the first guy….then maybe…after I could look at the hard numbers for both income and expenses.

[Dougie944]

That was some really good info about the condo-tels.

The reason that the developers are making a condo hotel, rather than doing it themselves is because loans for hotels are very hard to get. There were tons of problems for the lenders after 9/11.

So, if I didn’t know anything else but that…..I would choose to pass. Why do I want to take on the risk that lenders for the entire project are afraid to take on?

Plus there are so many variables that the developers can’t discuss with you because it is “not an investment”. Of course, everyone is buying it as an investment.

That’s my take. If I could get one of those at half off after it didn’t work for the first guy….then maybe…after I could look at the hard numbers for both income and expenses.

[PorkmanDelardo]

Buy a condo at the Hard Rock and as an owner you are limited to 24 days of usage per year. or one weekend per month. when available. Better off buying 4 red weeks in a timeshare and using the weeks anytime you want and anywhere around the world. I think 12 weekends a year in the Gaslamp will get old after a while. The first phase sell-out was for the cachet of saying I own a piece of the Hard Rock. Albeit, a very small piece…….. for 1/2 million $. No thanks. Porkman

[PorkmanDelardo]

Buy a condo at the Hard Rock and as an owner you are limited to 24 days of usage per year. or one weekend per month. when available. Better off buying 4 red weeks in a timeshare and using the weeks anytime you want and anywhere around the world. I think 12 weekends a year in the Gaslamp will get old after a while. The first phase sell-out was for the cachet of saying I own a piece of the Hard Rock. Albeit, a very small piece…….. for 1/2 million $. No thanks. Porkman

[Coronita]

pk92108,

That was exactly the problem i was running into as well. a 400k condo-tel in Orlando came out to be about $300/night at around 79% occupancy. I just didn't see that happening consistently. Perhaps in orlando, it sort of can make sense because you have disneyworld…BUT, what I'm trying to figure out is what is so special about the Hard Rock in San Diego in downtown. Personally, if I'm going to splurge on a room and board in san diego, I'd stay closer to the beach.

[Coronita]

pk92108,

That was exactly the problem i was running into as well. a 400k condo-tel in Orlando came out to be about $300/night at around 79% occupancy. I just didn't see that happening consistently. Perhaps in orlando, it sort of can make sense because you have disneyworld…BUT, what I'm trying to figure out is what is so special about the Hard Rock in San Diego in downtown. Personally, if I'm going to splurge on a room and board in san diego, I'd stay closer to the beach.

[Deserted]

Please explain this to me.

While perusing the net on the resurrection of a condo/hotel concept for downtown San Diego, I briefly searched for a background check on the principle developer for the “Setai” San Diego, Steve Rebeil. (I put “Setai” in quotes as this well-respected group is suing to disassociate itself, even its name, from Mr. Rebeil.) My brief search found a Federal conviction for tax fraud for which he served 5 months in prison in 2005, multiple suits from prior development partners (all of which Mr. Rebeil apparently lost), action to the Nevada contractors board after he allegedly stiffed 77 (!) subcontractors, disqualification by the Nevada Gaming Board from holding a casino license due to ethical questions (way back in 1997), and an active lawsuit from his ex-girlfriend to collect court-ordered child support.

I understand that such people exist in the world. My question is who would even consider entering into any contract with this man? And who would even think of entering into an on-going joint venture of hotel ownership/management with such a person?

If the information on the web is even close to accurate, this condo/hotel project (should I call it the Setai, or the San Diegan, or something else) must be the absolute zenith of the real estate hype/bubble/con.

Does anyone have first-hand knowledge of the project and or Mr. Rebeil?

[Deserted]

Please explain this to me.

While perusing the net on the resurrection of a condo/hotel concept for downtown San Diego, I briefly searched for a background check on the principle developer for the “Setai” San Diego, Steve Rebeil. (I put “Setai” in quotes as this well-respected group is suing to disassociate itself, even its name, from Mr. Rebeil.) My brief search found a Federal conviction for tax fraud for which he served 5 months in prison in 2005, multiple suits from prior development partners (all of which Mr. Rebeil apparently lost), action to the Nevada contractors board after he allegedly stiffed 77 (!) subcontractors, disqualification by the Nevada Gaming Board from holding a casino license due to ethical questions (way back in 1997), and an active lawsuit from his ex-girlfriend to collect court-ordered child support.

I understand that such people exist in the world. My question is who would even consider entering into any contract with this man? And who would even think of entering into an on-going joint venture of hotel ownership/management with such a person?

If the information on the web is even close to accurate, this condo/hotel project (should I call it the Setai, or the San Diegan, or something else) must be the absolute zenith of the real estate hype/bubble/con.

Does anyone have first-hand knowledge of the project and or Mr. Rebeil?

[Deserted]

Please explain this to me.

While perusing the net on the resurrection of a condo/hotel concept for downtown San Diego, I briefly searched for a background check on the principle developer for the “Setai” San Diego, Steve Rebeil. (I put “Setai” in quotes as this well-respected group is suing to disassociate itself, even its name, from Mr. Rebeil.) My brief search found a Federal conviction for tax fraud for which he served 5 months in prison in 2005, multiple suits from prior development partners (all of which Mr. Rebeil apparently lost), action to the Nevada contractors board after he allegedly stiffed 77 (!) subcontractors, disqualification by the Nevada Gaming Board from holding a casino license due to ethical questions (way back in 1997), and an active lawsuit from his ex-girlfriend to collect court-ordered child support.

I understand that such people exist in the world. My question is who would even consider entering into any contract with this man? And who would even think of entering into an on-going joint venture of hotel ownership/management with such a person?

If the information on the web is even close to accurate, this condo/hotel project (should I call it the Setai, or the San Diegan, or something else) must be the absolute zenith of the real estate hype/bubble/con.

Does anyone have first-hand knowledge of the project and or Mr. Rebeil?

[Deserted]

Please explain this to me.

While perusing the net on the resurrection of a condo/hotel concept for downtown San Diego, I briefly searched for a background check on the principle developer for the “Setai” San Diego, Steve Rebeil. (I put “Setai” in quotes as this well-respected group is suing to disassociate itself, even its name, from Mr. Rebeil.) My brief search found a Federal conviction for tax fraud for which he served 5 months in prison in 2005, multiple suits from prior development partners (all of which Mr. Rebeil apparently lost), action to the Nevada contractors board after he allegedly stiffed 77 (!) subcontractors, disqualification by the Nevada Gaming Board from holding a casino license due to ethical questions (way back in 1997), and an active lawsuit from his ex-girlfriend to collect court-ordered child support.

I understand that such people exist in the world. My question is who would even consider entering into any contract with this man? And who would even think of entering into an on-going joint venture of hotel ownership/management with such a person?

If the information on the web is even close to accurate, this condo/hotel project (should I call it the Setai, or the San Diegan, or something else) must be the absolute zenith of the real estate hype/bubble/con.

Does anyone have first-hand knowledge of the project and or Mr. Rebeil?

[Deserted]

Please explain this to me.

While perusing the net on the resurrection of a condo/hotel concept for downtown San Diego, I briefly searched for a background check on the principle developer for the “Setai” San Diego, Steve Rebeil. (I put “Setai” in quotes as this well-respected group is suing to disassociate itself, even its name, from Mr. Rebeil.) My brief search found a Federal conviction for tax fraud for which he served 5 months in prison in 2005, multiple suits from prior development partners (all of which Mr. Rebeil apparently lost), action to the Nevada contractors board after he allegedly stiffed 77 (!) subcontractors, disqualification by the Nevada Gaming Board from holding a casino license due to ethical questions (way back in 1997), and an active lawsuit from his ex-girlfriend to collect court-ordered child support.

I understand that such people exist in the world. My question is who would even consider entering into any contract with this man? And who would even think of entering into an on-going joint venture of hotel ownership/management with such a person?

If the information on the web is even close to accurate, this condo/hotel project (should I call it the Setai, or the San Diegan, or something else) must be the absolute zenith of the real estate hype/bubble/con.

Does anyone have first-hand knowledge of the project and or Mr. Rebeil?

[La Jolla Renter]

I went to dinner at the Hardrock the other night… Got to see a room… wow! somebody knew what the hell they were doing… very impressive.

I called the next day to try and buy one… I was told they were sold out. I didn’t take no for an answer and tried to get on a waiting list, told them I could close in a couple days with cash (I could and I was 90% serious)… no luck.

Oxfordrick… I guess you need a new crystal ball… first development I have heard of that won’t take cash when they are not sold out.

Found out an owner nets 43% of the room rate. Not sure if that will cover a 400k 30yr fixed mortgage, but very close.

When the conventions come to town, the best parties will be at the HardRock, and everyone will want to change hotels.

(I sure am getting turned off from the FEW overly pessimistic, probably don’t have a pot to piss, chip on their shoulder wannabe homeowners on this site. Not that you are one Oxfordrick, but you do need a new crystal ball)

[La Jolla Renter]

I went to dinner at the Hardrock the other night… Got to see a room… wow! somebody knew what the hell they were doing… very impressive.

I called the next day to try and buy one… I was told they were sold out. I didn’t take no for an answer and tried to get on a waiting list, told them I could close in a couple days with cash (I could and I was 90% serious)… no luck.

Oxfordrick… I guess you need a new crystal ball… first development I have heard of that won’t take cash when they are not sold out.

Found out an owner nets 43% of the room rate. Not sure if that will cover a 400k 30yr fixed mortgage, but very close.

When the conventions come to town, the best parties will be at the HardRock, and everyone will want to change hotels.

(I sure am getting turned off from the FEW overly pessimistic, probably don’t have a pot to piss, chip on their shoulder wannabe homeowners on this site. Not that you are one Oxfordrick, but you do need a new crystal ball)

[La Jolla Renter]

I went to dinner at the Hardrock the other night… Got to see a room… wow! somebody knew what the hell they were doing… very impressive.

I called the next day to try and buy one… I was told they were sold out. I didn’t take no for an answer and tried to get on a waiting list, told them I could close in a couple days with cash (I could and I was 90% serious)… no luck.

Oxfordrick… I guess you need a new crystal ball… first development I have heard of that won’t take cash when they are not sold out.

Found out an owner nets 43% of the room rate. Not sure if that will cover a 400k 30yr fixed mortgage, but very close.

When the conventions come to town, the best parties will be at the HardRock, and everyone will want to change hotels.

(I sure am getting turned off from the FEW overly pessimistic, probably don’t have a pot to piss, chip on their shoulder wannabe homeowners on this site. Not that you are one Oxfordrick, but you do need a new crystal ball)

[La Jolla Renter]

I went to dinner at the Hardrock the other night… Got to see a room… wow! somebody knew what the hell they were doing… very impressive.

I called the next day to try and buy one… I was told they were sold out. I didn’t take no for an answer and tried to get on a waiting list, told them I could close in a couple days with cash (I could and I was 90% serious)… no luck.

Oxfordrick… I guess you need a new crystal ball… first development I have heard of that won’t take cash when they are not sold out.

Found out an owner nets 43% of the room rate. Not sure if that will cover a 400k 30yr fixed mortgage, but very close.

When the conventions come to town, the best parties will be at the HardRock, and everyone will want to change hotels.

(I sure am getting turned off from the FEW overly pessimistic, probably don’t have a pot to piss, chip on their shoulder wannabe homeowners on this site. Not that you are one Oxfordrick, but you do need a new crystal ball)

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