Let's hope it doesn't turn out to be heartbreak hotel !! 

I stayed in a hotel recently and their fee for smoking in the room was $200.

Of course they also consider repalcement value.I have worked more on hotels -- then apartments --but basic principal is same.This year I am getting into Apartments and Shopping Centers Financing.Yes --the cap rate is decided buy Lenders and Buyers --based on Supply and Demand-- Large Companies --such as Insurance Companies and Pension Funds buy --large properties and feel comfortable with 5 % Cap rate --on Hospitals , Office Buildings Leased to Large A+ credit corporation or Government -- For hotels we used 12 % cap rate --and apartments --7% to 10% --Yes -- We have to decide our own comfort level and niche --such as Grade A or C apartments --similar to some people likeIndependent Hotels and make good money as well as people who owned Comfort Suites or Holiday Inn Express --make same rate of return.

A few months ago I got tired of waiting and we just got on a plane and went, stayed in a hotel for a few days and went out with a realtor.

I remember when I was living there about 15 years ago that one of the bigger hotels literally walked away from the hotel because the lease came due (99 year lease) and the amount they wanted to raise it to was too much.I believe the hotel was one of the very expensive ones on Oahu but not in Waikiki.

Currently there is no central HVAC system or any ductwork.I've thought about:1) the ductless HVAC systems- supposed to be about $500-$900 per 400sq ft that you are heating or cooling2) the hotel/motel style PTAC wall heating/cooling units that run about $1,000 eachAny thoughts or experiences?

If still here and interested meet in Hotel Lobby at 12:30 for Bubba Gump lunch.

Tim, happy to help.We bought out from a USA Manufacturer of Ozone Generators in Ohio.This is the EXACT one we have:http://www.ebay.com/itm/OZ-5000-Ozone-Generator-Great-for-Rental-Properties-Hotels-Air-Purifier-/290802724699?

I call that concept "Trading Up" where you implement the monopoly strategy of exchanging houses for hotels, or in your case - condos for houses.

I just looked at expedia, and numerous hotel rooms are available this weekend.