Hotel Residence FAQ
What is a Hotel Residence?
All residences at Azura and Nautilus are defined as “Hotel Residences” under Bermuda law. Simply stated, this is a privately-owned residence on the grounds of a licensed Hotel. Such a residence may be owned by a Bermudian or a Non-Bermudian, including Work Permit Holders and PRCs.
Azura and Nautilus’s ownership and operating model is similar to what is referred to as a ‘Condominium Hotel.’ However, these models allow owners more flexibility in residing in and managing their residence than many typical condominium hotel models abroad.
Owners enjoy professional property management and hotel services while in residence, and at the same time, benefit from revenue opportunities by placing rooms into the professionally managed hotel management program.
The amount of time an owner spends in their residence is entirely up to them – and can change from year to year. Significant financial benefits are built into the operating model for those owners who put a lot time into the Hotel Rental program, especially during Bermuda’s tourism high season.
The minimum is that all owners need to commit at least one bedroom (or ‘hotel key’) into the Hotel Rental program for 50% of the calendar year (183 days), for at least five years. There are no seasonal or calendar date requirements, so residence owners can fully customize their schedule and planned usage annually.