Solara Canmore for Sale – Everything You Need to Know about Hotel Condos

Solara Canmore for Sale – Hotel Condo Real Estate

Solara Resort & Spa properties for sale are always a hit with families and visitors to Canmore, Alberta! Whether you’re here for a Canmore wedding, day of hiking peaks, or powder ski day, Solara makes a wonderful place to hang your hat while visiting our gorgeous mountain town.

For the savvy property investor or adventurous family, the prospect of owning a property in Solara is very exciting. With amazing amenities and revenue potential, this could be your own little spot in the mountains (that happens to generate returns on the side).

In this article, I’d like to go through some of the essential things to know when exploring Solara properties for sale. If you have questions about specific listings at Solara or other Canmore properties, please feel free to reach out to me directly so I can help you make the best decision! No question is too small and I’m just a text or call away.

In this article:

• Solara Resort Stats & Amenities
• Condo Fee inclusions
• Rental Pool details
• Fractional Ownership Solara
• Can you Airbnb at Solara?
• My Property Rating

Solara Resort Stats & Amenities

Solara Canmore is set on a beautiful property in the Bow Valley Trail / Kananaskis Way area in the centre of the valley. Steps from shopping, restaurants & downtown trails, it makes the perfect location for you or your guests to enjoy Canmore from.

The array of amenities make the resort extremely popular for couples, families with children, and corporate groups.

Stats:

• Zoned for nightly rentals only (recreational/visitor accomodation/hotel condo). NO full time or monthly rentals.
• Solara is split across three separate buildings (Aurora, Bow & Chinook), located at 191, 187 & 173 Kananaskis Way Canmore.
• The front desk, spa, and most amenities are located in the centre building at 187 Kananaskis Way.
• Each building can have up to 88 units, with the total number of condominium units being 214.
• There are 1, 2 & 3 Bedroom units throughout the property.
• Assigned storage lockers available on a request basis (not titled).
• Pet friendly.
• Keycard system with all unit door keys coming from the front desk.

Amenities:

• Indoor Pool & Hot Tubs.
• Secure, heated underground parking.
• Fitness Centre / Gym with cardio equipment & weights.
• One Wellness Spa onsite (additional costs apply for owners & guests).
• The only movie theatre in Canmore – complimentary movies nightly (great for kids).
• 5,000 sqft of Conference facilities with a ballroom, boardrooms, catering and audio/visual capabilities.
• Free mountain bike rentals (rental pool units only).

Condo Fee Inclusions – Solara Canmore

Regardless of whether the property you purchase is in the turnkey rental pool or self-managed (ie. Airbnb or VRBO), it will be part of the condominium corporation. A condo corporation is a non-profit means of managing the shared assets and property for a condo-style development. Every unit at Solara pays a condo fee, based partially on its size and “factor” or share of the common costs. The condo board and corporation are managed by PEKA.

Condo fees at Solara are on the higher end, but that’s because they include nearly everything:

• Condo Insurance (for the building; not contents or personal insurance)
• Water/sewer/garbage
• Electricity
• Natural gas/heat
• Snow removal/landscaping + window cleaning
• Phone, Internet & TV (cable)
• Professional management + reserve fund

Rental Pool details at Solara

The rental pool at Solara is professionally managed by Bellstar Hotels & Resorts. Bellstar is an excellent company with a couple properties managed in Canmore, as well as others in Golden, Parksville and Kelowna.

With any rental pool, fees & costs will be higher than if you were to self-manage your own unit. Some investors and owners tend to see this as a negative – but depending on your goals, it can actually be a really big positive. When your unit is in the rental pool, it makes it a truly turn-key investment where you often have little more to do than receive a cheque each month. The rental pool makes for a safer option too, as all units compete together against other hotels and rentals in town (vs. each other).

Quick rental pool facts:

• Management fee approximately 45% of gross revenue.
• Earn revenue *regardless* of whether your unit is rented or not – the pool shares all revenues.
• Fee includes nearly everything: management, marketing, housekeeping, some maintenance, front desk, accounting, etc.
• Contracts vary in length depending on sign date; can require 6+ months notice for changes to rental pool status / exit.
• You can’t make changes to the unit decor and furniture, to maintain product integrity.

Fractional Ownership at Solara Canmore

Solara is one of the few properties in Canmore that offers the opportunity for fractional ownership. NO – fractional ownership is *not* owning a “time-share.” When you own a fraction of a hotel condo unit, you actually receive a legal title of ownership, like any other property in Alberta.

Fractional Ownership at Solara:

• Fractions range from 1/4 (3 months/year) to 1/12 (4 weeks/year).
• 1/12 is ideal for personal and family use.
• 1/4 is best for some revenue earning & use potential.
• Note: with a smaller piece of ownership, your personal use will have an outsize affect on revenue earning (as weekends & holidays earn more but are more desirable).
• Potential to trade weeks with other resort ownership programs all over the world!

Can you Airbnb or VRBO at Solara Canmore?

This is a big question I get from clients all the time! Can you do Airbnb or VRBO at Solara? The answer is YES!

If your unit isn’t in the rental pool, you can self-manage it. This means you could use it simply for personal use whenever you’re in town, or operate it as your own “hotel business.” However, when you self manage, YOU take the reins and decide how things will operate. While this sounds like fun, it can be a LOT of work – so be sure to take this seriously. Below are a few things you should know for self-management:

• Lower management & cleaning costs through a third party (20%-40%) increase margin potential.
• Get really high margins by managing it and even cleaning it yourself!
• More Risky: You are all alone in a competitive market – if your unit doesn’t rent, you don’t earn revenue!
• Opportunity for creativity and excellence: Great pictures, decor, reviews and a write-up will make your unit stand out from the competition!

My Property Rating – Solara Canmore Condos for Sale

As a hotel condo in Canmore, Solara is a big player and favourite for its amenities, look & location. It has name cache that helps the rental pool perform well, and professional management is solidly focused on improving and maintaining the buildings. The rental pool performs well, but has some high costs compared to other options out there.

Overall, I would rate Solara as an A- investment property in Canmore. Not bad at all!

Is it the right condo for you? Let’s connect and discuss your options! I’m happy to answer any questions you have regarding properties here, or anywhere else in Canmore. Working with an experienced and recommended Realtor you can trust will ensure you get the most out of your next local property purchase. Let me be your boots-on-the-ground! Cheers.

Like this post? Check out some of my other articles to learn more:

How to own an Airbnb in Canmore

Canmore Investment Properties

Grande Rockies Resort Condos for Sale – Everything you need to know about Hotel Condos

Note: this article is for general informational purposes only and does not replace official agreements/information from management companies, or constitute advice. While all efforts have been made to ensure the accuracy of information at the time of writing, things can change and it may be updated from time to time. If you have questions about any specific property, let’s connect so I can ensure you have the most accurate information available.