June 2018
Like hotels, condo corporations can and perhaps should expend more effort to generate incremental revenues by providing services to the community.
Condo corporations have amenities similar to those of hotels which may be desirable to the local community. These amenities may include a swimming pool, exercise equipment, rental suites or party room. While intended for resident use, underutilized spaces can be made available to the community with revenues being utilized for the condo corporation.
Westin hotels offer a “running concierge program” that is open to local residents. In association with a local running store, hotels organize a weekly 5k run followed by a post-run happy hour. The hotel benefits by making local residents aware of what the hotel has to offer. Offerings include catering and rental facilities for wedding parties, banquets and other events.
Other community events suitable for condo corporations include author readings, art shows and musical performances. Local artists can be brought in to explain their craft in a relaxed setting.
Hotels reach out to the local community as a way to make people aware of their offerings and to obtain business through the programs they offer. These efforts include making lobbies and recreational spaces more inviting for those who want to relax or socialize.
Condo corporations choosing to view their community in the same way as hotels can benefit by generating interest in whatever amenities or services they choose to make available to the community.
