FAQs for JW Marriott Residence Condos
Provided courtesy of the JW Marrriott June 5, 2017 - prospective buyers should verify information prior to purchase of a unit.
Q: How many luxury owners suites are in the JW Marriott?
A: Of the 202 rooms, only 36 rooms are luxury suites. These suites, beginning on the 11th floor, are owned and subjected to be rented out daily.
Q: Are there now or will there ever be an obstruct view from the suites?
A: The luxury suites begin on the 11th floor (120' in height) up to 15th floor. There are no obstruct view at these heights presently nor planned in the future. To the South is the Gulf of Mexico. To the West is a standing structure 108' in height. To the North is S. Gulfview blvd, in which no business can reach a height of 80'. To the East is a vacant lot in which a proposed structure of 80' will be built.
Q: How are the luxury suites taken in ownership?
A: Ownership is fee – simple and are assignable.
Q: Is insurance (Ex. content , rental) required from owner?
A: Owners are not required to have any type of insurance. Any Insurance required is paid through HOA.
Q: What are the HOA fees?
A: HOA fees are based on sq ft of owners luxury suite. The cost is $.95/sq ft.
Q: Are there any other additional fees required from owner?
A: No other fees are required.
Q: How long may an owner stay in their unit over a year span?
A: Owners, in the rental pool, are allowed to stay a maximum of 30 calendar days per year. They do not have to stay the entire 30 days. JWM requests that in the event an owner would like to visit, to please notify JWM front desk at least 30 days from desire reservation.
Q: Can an owner wish not to enter the rental pool?
A: Though JWM strongly encourages an owner to remain in the rental pool, the owner does not have to participate in the rental pool. Note: If not in the rental pool, the owner can not rent through any other resource.
Q: If in the rental pool, what is the length of agreement period?
A: The rental time period is a 3 year lease agreement.
Q: If owner is not in rental pool, and since it is owned fee-simple, can owner reside in JWM for the entire year?
A: Owner's not participating in the pool are able to reside 30 days consecutively then, must leave for one full day before returning for the next 30 consecutive days.
Q: How is the distribution of rental funds handled by JWM?
A: JWM will distribute rental funds on a quarterly basis. A service fee of 10% of the Gross Room Rental Revenue will be taken by JWM (administration, bookings, credit card fees, marketing, travel agent fees etc...). Once 10% is removed, the split is 50/50 with JWM and owner.
Q: Who provides the furnishings in the suites?
A: Owners are required to purchase furnishings at the time of ground breaking. Furnishings provided by: JW Marriott approved 5 star package costs are: 1- bedroom $15K; 2- bedroom $25K; 3- bedroom $35K.
Q: What is the payment breakdown?
A: Upon signing “Purchase Agreement”, an owner will be required to pay 30%. Upon ground breaking, 10% + furnishing cost will be required. Upon “top off” (2018) an additional 10% will be required. The remaining 50% will be required at closing.
Q: What is the projected time frame of construction?
A: Once ground breaking occurs (projected Aug/Sept 2017) the project is slated for completion 24 months at that date.
Q; What is the projected occupational rate of JWM?
A: JWM projects are very soft & conservative at a 71% occupational rate.
Q: What are the average rental rates going to be at JWM?
A: JWM has yet to determine suite rates. However, the basic hotel room rate avg is $409/day.
Q: What happens if damage is done to an owners luxury suite?
A: If minor damages occur such as, stain in carpet, scratch or nicked furniture then, JWM will provide services to repair. If a guest breaks an item such as TV, furnishings then, JWM will seek to have that guest pay for the mishap.
Q: Are owners able to enjoy the amenities if not staying at the JWM? If so, are there any incentives while visiting?
A: Owners are allowed to visit at their leisure and enjoy the amenities that are available as if they were staying at JWM. Though there are no incentives or discounts for owners whether visiting or staying at JWM, when purchasing a luxury suite, owners will be receive “JW Marriott Gold Card” status.
Q: What are some of the amenities in which the owners and visitors can enjoy during their stay?
A: JWM guests can enjoy a 5 star list of amenities such as: Two signatures restaurants: An American Bistro with French flare (similar to Burlock Coast, Ritz Carlton, Ft. Lauderdale) & Japanese Peruvian fusion ( similar to Juvia, Miami); JWM state of the art spa & fitness center; 6th floor infinity pool & tiki bar; 20,000 sq ft of terrace including a 5,000 sq ft 7th floor “zin” area; 2nd floor ball room with floor to ceiling windows, over looking the Gulf of Mexico, that seats 380; Jr ball room; 10th floor outdoor terrace that holds special events (during day time only); valet parking; and most notably a large soft, white sugar sand private beach.
Q: Is there an additional fee to park?
A: There are no additional fees to park, although it is customarily to tip the valet servers