The Real Deal New York

From the May issue: Like timeshares on steroids, condo-hotels appeared to offer the perfect real estate trifecta when the market was strong.
The units — which look like high-end hotel rooms but are sold as
condos that buyers can stay in for about a third of the year — were
long a win for developers, buyers and lenders.
Developers won because they were poised to reap profits both from
condo sales and from the money generated on the nights the rooms were
occupied by hotel guests. Buyers won because they were securing what
appeared to be an appreciating real estate investment and had access to
full-service hotel amenities. And financiers won because they were
lending money on what seemed like two sure bets: the condo market and
hotel market in Manhattan.