Per the ordinance: "Vacation Home Rentals are an allowable use in the Hotel Resort (HR) District,(iii) Office Service (C-1) District(iv), Neighborhood Center (C-2) District,(v) Community Center (C-3) District,(vi) Regional Center (C-4) Districts,(vii) and Development (D-1, D-2, D-3) Districts(viii) with a maintained City Vacation Home Rental License."

Starts at 6pm located at 939 Ridge Lake Blvd Hilton Hotel.

There are multiple chain hotels in the area and only 5-10 STRs besides mine. 

There was talk of the city becoming a tech hub, proposals for portions of the city to be enclosed in a bubble to make the winters more hospitable and a huge mall/hotel development project called (ironically) Destiny.

They are much more like hotel guests than long-term renters.

You don't want to fall into the trap of offering a solid product that is 'just good', when you set people up to expect '5 star hotel' excellent.

Of course GP wouldnt get paid back first, it would be LP, but there could also be a normal waterfall where they are both paid out starting at initial cashflowing period, in accordance with the waterfall structure.The GP is also managing the property, roughly 50 room hotel, and for 13%, which they say is breakeven, but sounds high to me.LP is going to want to be able to fire them as manager if they find a cheaper and competent manager, which there are cheaper managers per a quick search.If they take 13% of revenue, then 50% of returns, they will be walking away with like 75% of the pre-management-fee cash flows of the business, if not more.

@Bruce Woodruff are you not buying commercial hotel sheets?

I'd suggest taking a look at the hotstats.com site and judging by GOPPAR (gross operating profit per available room) to see how hotels are performing in your target area. 

@Sarah Kensinger The 30% is due to the property being deemed a Condotel, where it operates similar to a hotel with full service, including changing out the soaps.