Author Topic: Retire in a hotel  (Read 1875 times)

Roadrunner53

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Retire in a hotel
« on: June 25, 2018, 01:28:16 PM »
I read two articles a while back. One was about a woman who retired in a hotel. It wasn't cheap but had some advantages.

What is included:
Room cleaning
Sheets
Towels
Wash cloths
Heat
AC
TV
Hot water
Garbage removal
Landline
Cable
Internet
Electricity
Exercise room
Pool
Breakfasts, some hotels
Manager coctail parties, some hotels

Some hotels are equipped with a kitchenette like Residence Inns.

I also read a story about a woman to did basically the same thing but on cruise ships.

Seems the women who were in the hotel and cruise ship were able to negotiate lower prices because they stayed there full time.

What do you all think of this?


Dabnasty

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Re: Retire in a hotel
« Reply #1 on: June 25, 2018, 01:51:21 PM »
I can't imagine this making financial sense even in the best case scenario. If I had the stash to pay for hotel living I could certainly afford a place I would prefer long term.

Although... if you pay your rent by credit card and get all the cards that offer points for the hotel you're staying in, maybe it would come a little closer?

Ever seen "My Name is Earl"? I could probably afford that place.

dcheesi

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Re: Retire in a hotel
« Reply #2 on: June 25, 2018, 03:17:54 PM »
I can't imagine this making financial sense even in the best case scenario. If I had the stash to pay for hotel living I could certainly afford a place I would prefer long term.

Although... if you pay your rent by credit card and get all the cards that offer points for the hotel you're staying in, maybe it would come a little closer?

Ever seen "My Name is Earl"? I could probably afford that place.
Whenever I'm driving back to my HCOL metro from my hometown, I pass by some sort of extended-stay hotel that advertises weekly rates. I've run the numbers, and it's not too terribly much more than I'm paying for my apartment. I'm sure there are plenty of fees and such tacked on, and it's not in as great a location (for one thing, it's overlooking a freeway!), but still it doesn't seem totally unreasonable if you had the stashe and didn't want to do your own housecleaning etc.

jim555

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Re: Retire in a hotel
« Reply #3 on: June 25, 2018, 03:23:48 PM »
Wouldn't it be cheaper to have maid service in a regular rental?

Roadrunner53

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Re: Retire in a hotel
« Reply #4 on: June 25, 2018, 03:29:44 PM »
Maybe we don't think of it as frugal but an alternative lifestyle. Not sure if I would do this but the concept is interesting. If anything breaks, ac, tv, clogged toilet, clogged sink, broken fridge, stove, microwave...all repaired or replaced with just a phone call at no additional cost.

patchyfacialhair

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Re: Retire in a hotel
« Reply #5 on: June 25, 2018, 03:33:20 PM »
Seems expensive. Plus add food and transportation and you're spending a ton.

Never been on a cruise myself, but I have read articles about retirees doing this on cruise ships. Think about it. Room cleaned every day. All you can eat food, tons of free recreation, entertainment every day and night, for less than $100/night per person. I could see the appeal if I didn't have extended family or anything.

LifeHappens

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Re: Retire in a hotel
« Reply #6 on: June 25, 2018, 03:39:43 PM »
Less than $100 per day is lower than the cost of assisted living in many places, and the view is better.

Roadrunner53

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Re: Retire in a hotel
« Reply #7 on: June 25, 2018, 04:40:21 PM »
Cruise ship seems less ideal. They may decommission the ship and you'd have to find another. I am not a cruise person anyway but a hotel seems more enticing!
Assisted living and nursing homes are astronomical costs! The hotel deal would be cheap in comparison! My Mom was in a nursing home in CT in 2013 and it was $12,000 a month. That was 5 years ago so very scared to even imagine what it is now!

RetiredAt63

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Re: Retire in a hotel
« Reply #8 on: June 25, 2018, 04:43:43 PM »
And if you want to wander - tell your hotel to make a reservation for you in another hotel in their chain at your destination, make sure your suite is rebooked for you for your return date, and you are off.  No worries about the place back home.  Sounds like as good a deal as a senior's residence.

Roadrunner53

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Re: Retire in a hotel
« Reply #9 on: June 26, 2018, 06:27:56 AM »
Seems like this could be an interesting business model. They could hype up the glamorous lifestyle of living in a hotel full time.

Linda_Norway

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Re: Retire in a hotel
« Reply #10 on: June 26, 2018, 08:00:47 AM »
In a hotel you do not have space for your own hobbies. I often have trouble regulating room temperature in a hotel. Washing your clothes is something you have to pay for, instead of putting it in your washing machine. And washing clothes in the hotel sink is a PITA (what I always do to save money).
Most hotels don't have a kitchenette and it was perhaps not be so motivating to cook yourself.

dcheesi

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Re: Retire in a hotel
« Reply #11 on: June 26, 2018, 08:05:59 AM »
In a hotel you do not have space for your own hobbies. I often have trouble regulating room temperature in a hotel. Washing your clothes is something you have to pay for, instead of putting it in your washing machine. And washing clothes in the hotel sink is a PITA (what I always do to save money).
Most hotels don't have a kitchenette and it was perhaps not be so motivating to cook yourself.
Extended-stay hotels typically have a kitchenette; that's one of the things that distinguishes them from regular hotels. I've never stayed in one long enough to inquire about laundry, though.

FIRE@50

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Re: Retire in a hotel
« Reply #12 on: June 26, 2018, 08:08:43 AM »
You left out some other important advantages.

- In-laws can't move in with you
- Free fresh baked cookies in the lobby everyday
- No HOA

trollwithamustache

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Re: Retire in a hotel
« Reply #13 on: June 26, 2018, 08:24:54 AM »
I've negotiated long stays at hotels before, multiple rooms ect for big work things where there weren't really short term apartments available. So checked into the hotel, checked out 2 months later so the points would clear, and checked back in for a just over 6 month run.

We negotiated a rate that was about 50% below the rack rate (the silly 175ish a night number they quote suckers)  or really maybe only 10-15% under the Kayak.com rate that people on this site might actually book the hotel at.

Anyways, it was at 89 a night for a Hampton Inn, so that would have been ~33k a year in housing and breakfast costs.

The cruise ship is probably a better deal if you aren't a big drinker and can get the meals/entertainment rolled in.

Roadrunner53

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Re: Retire in a hotel
« Reply #14 on: June 26, 2018, 11:28:50 AM »
This could probably work well in places like Las Vegas, Myrtle Beach and Orlando where there is entertainment.

Gondolin

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Re: Retire in a hotel
« Reply #15 on: June 26, 2018, 05:24:26 PM »
Quote
Anyways, it was at 89 a night for a Hampton Inn, so that would have been ~33k a year in housing and breakfast costs.

This is about as good as you're going to get and $33k a year is double my annual housing spend.

It's not impossible but is not particularly glamorous and it's very difficult to make financially positive in the long term.

pecunia

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Re: Retire in a hotel
« Reply #16 on: June 26, 2018, 05:30:45 PM »
Noise, drugs, greasy food and bedbugs.  I would rather be home.

Written from a hotel room in the Midwest.

couponvan

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Re: Retire in a hotel
« Reply #17 on: June 26, 2018, 05:39:59 PM »
My in laws did this for a few years, but he was a Marriott Lifetime Platinum. They normally did 30 day + stays (some tax is eliminated this way) and "almost" always got the suite upgrade. They specialized in finding promotional locations and were willing to drive 6-8 hours or more to find a cheaper location if they'd never seen the area before. Another thing was they were willing to "vacate" at their main Marriott hotel and stay with us on a sold out night sometimes and then the hotel would comp them a week or so depending. 

He'd spent his life traveling for work and had over a million points.  You earn more points with stays, promotions, and credit card spending. They traveled all over the US back and forth, topped off with some visits with family.  When they were near us, we took advantage of the pool at their hotel.

They also lived with us for 1 1/2 years before their hotel adventure days.  They weren't mustachian, but they said it was cheaper than regular housing and maintenance when it was all said and done.  They stayed in some unusual promotion locations as well.  I don't think it would work at the same hotel long term for cheap.  They should have gotten jobs as Marriott front desk people instead of just being retired.

jooniFLORisploo

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Re: Retire in a hotel
« Reply #18 on: June 26, 2018, 05:44:28 PM »
It's common in my area for people to live in motels -there's simply a literal lack of regular housing and you can get a great long term rate -comparable to or cheaper than the equivalent in nonmotel housing.

The catch is that not all of these suites have always been governed by tenancy laws. The owners could (can?) boot you out for tourist season. They might keep a few tenants on-site, but they also might boot you. Then you camp or travel or whatever for 2-3 months (then often go back to the same motel).

I've spent a total of 3 years living long term in motel/hotel rooms. In one, we were required to accept weekly housekeeping (it was their way of checking that everything was a-okay). In the other, no housekeeping was on offer. I absolutely loved both. Simple, self-contained, affordable, etc. In the hotel, there was a restaurant downstairs. When I felt scared or lonely, I would just go down there, enjoy the music, a cup of tea, the sounds, and the people. It was really wonderful. That I was able to get this room for a song blows me away, but they simply preferred getting a low monthly rate than $0.

trollwithamustache

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Re: Retire in a hotel
« Reply #19 on: June 27, 2018, 09:28:49 AM »
My in laws did this for a few years, but he was a Marriott Lifetime Platinum. They normally did 30 day + stays (some tax is eliminated this way) and "almost" always got the suite upgrade. They specialized in finding promotional locations and were willing to drive 6-8 hours or more to find a cheaper location if they'd never seen the area before.

Interesting, is there an arbitrage opportunity here where if you start with Platinum/Top tier status, you get a ton of extra points, so 25% of your year or more can be free? That would lower my 33k cost estimate down to something like 25k.

I could see this being a better deal than a McMansion.  This is a fun mental exercise, but I probably need a kitchen!

jooniFLORisploo

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Re: Retire in a hotel
« Reply #20 on: June 27, 2018, 09:44:12 AM »
This is a fun mental exercise, but I probably need a kitchen!

My 2.5 year one had a full (while modest) kitchen. Full oven/stovetop, full size fridge, double sink, counters. I cooked all our food from scratch.

It was in a gorgeous setting. I often referred to our lifestyle as "low cost glamping."

couponvan

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Re: Retire in a hotel
« Reply #21 on: June 27, 2018, 11:08:39 AM »
My in laws did this for a few years, but he was a Marriott Lifetime Platinum. They normally did 30 day + stays (some tax is eliminated this way) and "almost" always got the suite upgrade. They specialized in finding promotional locations and were willing to drive 6-8 hours or more to find a cheaper location if they'd never seen the area before.

Interesting, is there an arbitrage opportunity here where if you start with Platinum/Top tier status, you get a ton of extra points, so 25% of your year or more can be free? That would lower my 33k cost estimate down to something like 25k.

I could see this being a better deal than a McMansion.  This is a fun mental exercise, but I probably need a kitchen!

Yes there is - you also get free nights and guaranteed suite upgrades.  The geographic arbitrage is also part of the dynamics.  Look up travelisfree.com - they live on $24K per year traveling full time.  I don't know how great it would be for long-term retirement, but it could be fun for a few years at the beginning of early retirement.

JoJo

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Re: Retire in a hotel
« Reply #22 on: June 27, 2018, 05:05:49 PM »
13 years ago when I lived in Ecuador teaching English for 7 months, 6 of the months I lived in a hostel.  For $5 a night I had a 3-bed room (often just me but an occasional roomie), kitchen access, TV with cable access, great location a block from the bars, but not the safest neighborhood.

I tried renting a furnish apt but hated it.  It was the same size but no TV, smaller kitchen, had to taxi if I went out at night.  I was a bit lonely too.


One problem with staying in Hotels in the USA that puts it at a disadvantage cost wise is the taxes, which range from percentages to flat fees per night.  I've rarely had a stay recently where the taxes were less than 10%.


EricL

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Re: Retire in a hotel
« Reply #23 on: June 28, 2018, 09:27:17 AM »
I lived in a residential hotel for a year when residential hotels were still a thing. Think older downtown hotel that had seen better days.  It was about 2 1/4 stars and cost $460 a month (in 1991). Overall it was nice.  I had all the usual amenities of that hotel quality including free coffee and tea in the lobby. The only downside were the small space for my stuff - most of which I crammed in the closet, and the peculiar social stigma attached to living there. In retrospect that last one seems pretty silly.  There was also the pervading feeling I was on vacation and should be leaving. Some time.

JoJo

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Re: Retire in a hotel
« Reply #24 on: June 28, 2018, 11:39:48 AM »
I read two articles a while back. One was about a woman who retired in a hotel. It wasn't cheap but had some advantages.

What is included:
Room cleaning
Sheets
Towels
Wash cloths
Heat
AC
TV
Hot water
Garbage removal
Landline
Cable
Internet
Electricity
Exercise room
Pool
Breakfasts, some hotels
Manager coctail parties, some hotels

Some hotels are equipped with a kitchenette like Residence Inns.

I also read a story about a woman to did basically the same thing but on cruise ships.

Seems the women who were in the hotel and cruise ship were able to negotiate lower prices because they stayed there full time.

What do you all think of this?

Man, think of all the money I'd safe on washcloths if I resided in a hotel  :)


Bicycle_B

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Re: Retire in a hotel
« Reply #25 on: June 28, 2018, 01:02:40 PM »
It doesn't sound appealing to me personally because it doesn't feel like "home".  Definitely intrigued by the stories about cases where it worked for trusted individuals on this forum (hi Joon!) and so on though. That and the travelisfree.com reference make it closer to an option that might be used to bridge other options if I move sometime.

From personal experience - I knew a wealthy oilman who lived in hotels. Portfolio worth tens of millions. Older gentleman (70? 75?). He just preferred to book a hotel in the city of his choice and not maintain a residence.

John Galt incarnate!

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Re: Retire in a hotel
« Reply #26 on: July 01, 2018, 09:12:48 AM »
I read two articles a while back. One was about a woman who retired in a hotel. It wasn't cheap but had some advantages.

What is included:
Room cleaning
Sheets
Towels
Wash cloths
Heat
AC
TV
Hot water
Garbage removal
Landline
Cable
Internet
Electricity
Exercise room
Pool
Breakfasts, some hotels
Manager coctail parties, some hotels

Some hotels are equipped with a kitchenette like Residence Inns.

I also read a story about a woman to did basically the same thing but on cruise ships.

Seems the women who were in the hotel and cruise ship were able to negotiate lower prices because they stayed there full time.

What do you all think of this?


I saw a TV show about a woman who retired to a cruise ship.

Perhaps she was the same one you read about.

maizeman

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Re: Retire in a hotel
« Reply #27 on: July 01, 2018, 09:24:41 AM »
There was a thread specifically about the retire to cruise ship option a while ago: https://forum.mrmoneymustache.com/post-fire/retire-to-cruise-ship-$70k-per-year/

Was prompted by this article in the nytimes: https://www.nytimes.com/2017/02/24/business/retiring-on-a-cruise-ship.html

Definitely sounds like it would not be for me, but *shrug*

nick663

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Re: Retire in a hotel
« Reply #28 on: July 01, 2018, 10:36:17 AM »
I've looked at doing this via VRBO/AirBNB.  Definitely not the most cost effective way of living but you can find a entire house rental that is in the range of a typical mortgage payment.

I couldn't do it permanently but for a few years it would be fun way to slow travel.

iris lily

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Re: Retire in a hotel
« Reply #29 on: July 09, 2018, 05:23:10 PM »
Assisted living places are not  astonomical. Our friendís dad paid around $35,000 annually, including meals.

Nursing homes  include skilled medical care, aiding in physical help and etc.. You are not getting that on a cruise ship, for any length of time, anyway.

[a]bort

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Re: Retire in a hotel
« Reply #30 on: July 10, 2018, 09:47:41 AM »
When I did contract work across Canada I would live in a hotel room from 4 weeks at a time, then had a 2 week turn around at home (my parents). Honestly it was pretty fun and I'm glad I took that job, but I probably wouldn't volunteer for it again. I was always much more outgoing and open minded in the hotels, making friends with the staff, exploring a new city, and going out with co-workers in the evenings, now living in a house I rarely ever make it to the end of the block and hardly even see the neighbours.

There were lots of downsides though; lots of co-workers would drink like fish, both in their rooms during the day and then at the nearest bar at night, I was no saint either but one guy had a habit of showing up to work sites with a good buzz on. You also get exposed to some darker parts of peoples lives, I had a guy pull a gun on the person staying in the room across from me, lots of pushy sex workers and their pimps, lots of vomiting (never park beneath balconies at a hotel). The only time I requested to be pulled off a job was in Calgary during the Stampede, the only accommodations available was a cheap motor inn on the highway, and I was in a room next to a coke dealer. He was an ok presence during the day, but at night he would be pretty tweaked out.