Buying a Condotel Near Lake Geneva, WI: Prices, Financing, and Every Building
By Kim and Joel Reyenga, eXp Realty | YourWiscoHome.com
Quick answer: A condotel near Lake Geneva, WI is a hotel suite or room you own as a deeded Wisconsin condominium unit. Nine resort and hotel buildings around Geneva Lake and Delavan Lake sell them. Metro MLS recorded 84 condotel closings from January 2025 through August 2026, with building medians from $40,000 to $240,000, and 90% were cash.
Condotels are usually the lowest price of entry into Lake Geneva and the Southern Lakes Region of southeastern Wisconsin. They also come with rules a regular condo doesn't have.
We pulled every condotel closing in the area from Metro MLS for those 20 months, building by building. The short version: a huge price spread between buildings, and almost everyone paid cash.
Want to try one as a guest first? Our LakeGenevaWeekend.com condotel guide covers booking, pools, parking, and what's nearby at each building.
What is a condotel?
A condotel is a building run as a hotel where each room or suite is a separately owned condominium unit. You get a deed. You also pay condo fees and property tax on the unit, and the hotel operator runs the front desk and reservations.
When you're not using it, you can usually put the unit in the operator's rental program. A written rental management agreement splits guest revenue between you and the operator and sets when you can stay. That agreement shapes most of what you'll like or dislike about owning.
The unit itself falls under the Wisconsin Condominium Ownership Act, Wis. Stat. Chapter 703, like any other condo in the state.
| Regular condo | Condotel unit | Timeshare | |
|---|---|---|---|
| What you own | A deeded unit | A deeded hotel room or suite | A week, points, or a fractional right |
| Who books guests | You, if the rules allow rentals | The hotel operator, if you join the program | The resort |
| Your own use | Any time | Set by the rental agreement | Your assigned time |
| Conventional loan | Often available | Generally not | Generally not |
Every condotel near Lake Geneva
Nine buildings around the lakes sell condotel units. Unit counts come from the MLS "units in complex" field; sizes are above-grade square footage from MLS records.
| Building | Location | Condo units | Unit types and sizes |
|---|---|---|---|
| The Abbey Resort | 269 Fontana Blvd, Fontana | 334 | Hotel rooms and suites, 299 to 330 sq ft |
| Lake Lawn Resort (The Lodges) | 2400 E Geneva St, Delavan | 222 of the resort's 271 rooms | Hotel rooms and lofts, 327 to 904 sq ft |
| Timber Ridge Lodge | 7020 Grand Geneva Way, Town of Lyons | 225 | 1- and 2-bedroom suites, 642 to 927 sq ft |
| The Cove of Lake Geneva | 111 Center St, Lake Geneva | 222 | Studio to 2-bedroom, 640 to 1,266 sq ft |
| Mill Creek Hotel | 123 Center St, Lake Geneva | 33 | 1-bedroom suites, 535 to 750 sq ft |
| Bella Vista Suites | 335 Wrigley Dr, Lake Geneva | 39 | 1- and 2-bedroom suites, 416 to 1,195 sq ft |
| Delavan Lake Resort | 1505 S Shore Dr, Delavan | 58 | 1- and 2-bedroom suites, 600 to 1,058 sq ft |
| Harbor Shores | 300 Wrigley Dr, Lake Geneva | 108 | 1-bedroom units, about 400 sq ft |
| Hayloft Lodge | W3216 S Lakeshore Dr, Town of Linn | 15 | Mostly 1-bedroom, 581 to 720 sq ft |
Hayloft Lodge is the odd one out. It has no front desk, so owners manage their own short-term rentals.
Two things show up in the same MLS searches and aren't condotels. End of the Line Caboose Village is a seasonal condo development in a former motel, and North by Northwest in Delavan is storage condos. Abbey Harbor, next to The Abbey, sells deeded boat slips; 8 slips closed from $282,000 to $445,000 in the same period, a median of $410,000.
For the resorts themselves, see our Best Lake Geneva Resorts guide.
What Lake Geneva condotels sold for
Kim and Joel's pull of Metro MLS closings, January 1, 2025 through August 31, 2026, duplicate records removed. Medians appear only where a building had 3 or more sales.
| Building | Closings | Median | Low to high | Median days on market | Paid cash | Active in Aug 2026 |
|---|---|---|---|---|---|---|
| Bella Vista Suites | 3 | $240,000 | $128,000 to $245,000 | 58 | 100% | 3 |
| The Cove of Lake Geneva | 18 | $229,000 | $177,000 to $500,000* | 29 | 83% | 9 |
| Delavan Lake Resort | 13 | $172,000 | $92,500 to $285,000* | 31 | 92% | 6 |
| Hayloft Lodge | 3 | $156,500 | $120,000 to $160,000 | 33 | 67% | 0 |
| Harbor Shores | 1 | Too few sales | $151,000 | n/a | 100% | 0 |
| The Abbey Resort | 13 | $132,000 | $110,000 to $192,500 | 93 | 85% | 7 |
| Timber Ridge Lodge | 13 | $115,000 | $110,500 to $225,000 | 53 | 92% | 9 |
| Mill Creek Hotel | 7 | $99,500 | $82,500 to $135,000 | 21 | 100% | 4 |
| Lake Lawn Resort | 13 | $40,000 | $25,000 to $156,000 | 179 | 100% | 5 |
*The top sales at The Cove ($500,000, a 1,266-square-foot 2-bedroom) and Delavan Lake Resort ($285,000) were entered into MLS for comp purposes only, so treat those highs with care.
Downtown Lake Geneva holds the top of the market. The Cove is also the most liquid large building: 18 closings, a 29-day median, and sales at about 98% of the final list price.
Lake Lawn is the entry point, at a $40,000 median across 13 sales. It's also the slowest seller in the group, with a 179-day median and sales at about 84% of list. Most Lake Lawn units are single hotel rooms, and owner stays there are capped (more on that below).
Check our Lake Geneva market page for current listings in the city.
Two-bedroom units carry a big premium
Where a building has both sizes, 2-bedroom units sell far above the 1-bedroom band.
| Building | 1-bedroom median | 2-bedroom median |
|---|---|---|
| Timber Ridge Lodge | $114,900 (10 sales) | $225,000 (3 sales) |
| The Cove of Lake Geneva | $210,000 (11 sales) | $262,500 (7 sales) |
| Delavan Lake Resort | $115,000 (7 sales) | $189,000 (6 sales) |
Timber Ridge 1-bedrooms trade in a tight band, $110,500 to $117,900 across 10 sales. The 2-bedrooms come up rarely and sell for about double.
Why 9 out of 10 condotel buyers paid cash
Seventy-six of the 84 condotel closings were cash. For comparison, 46% of the 465 other residential condo closings in the same export were cash.
The reason is financing. Fannie Mae's Selling Guide, section B4-2.1-03, makes a condo project ineligible when it operates like a hotel, including projects that limit when owners can occupy their units or require owners to join a rental pool.
That leaves cash, a portfolio loan from a bank that keeps loans on its own books, a non-QM loan, or seller financing when a seller offers it. Only 3 of the 84 closings used conventional financing. Talk to a lender who has closed condotel loans before you start touring. We're licensed agents, and loan terms are a lender's call.
How much supply is on the market
At the end of August 2026 there were 43 active condotel listings. At the pace of 84 closings in 20 months, that's about 10 months of supply.
For contrast, Geneva Lake area single-family homes sold at a 40-day median in Joel's July 2026 pull. Condotels move slower, which usually means more room to negotiate. Timber Ridge had 9 active listings against 13 closings in 20 months.
How rental programs and owner use work
The rental management agreement between you and the operator sets the terms. Read it before the offer if you can, and within your review period if you can't.
- The revenue split. What share of room revenue comes to you, and which costs come off the top first, such as booking commissions and housekeeping.
- Owner use. How many nights you get and how far ahead you book them. At Lake Lawn, MLS remarks say owners may stay a maximum of 34 nights a year, up to 14 in season and 20 off season.
- Furnishing standards. Whether the operator can require you to replace furniture or carpet on a schedule.
- Exit terms. How much notice it takes to leave the program, and whether you can rent the unit yourself afterward.
You won't see us quote rental returns on any condotel. The SEC's Release 33-5347 has said since 1973 that a condo sold with a rental arrangement can amount to a securities offering. Ask the seller for actual owner statements from the last 2 or 3 years, and have your CPA read them.
What a condotel costs to own
The purchase price is one number. The carrying costs are the ones you'll live with.
| Cost | Who pays | What to check |
|---|---|---|
| Condo fees and special assessments | Owner | Budget, reserve balance, any assessment voted or pending |
| Property tax | Owner | The unit's bill in county records |
| Rental program share | Deducted from room revenue | The split and the costs taken first |
| Furnishing and refresh | Owner | Required standards and replacement schedule |
| Insurance | Owner unit policy plus the master policy | What the master policy covers inside your unit |
| Room tax | Guests, on each stay | Who collects and remits for your unit |
Property tax on these units is modest by lake standards. The MLS tax field on each building's closings put median annual bills between about $730 at The Abbey and about $2,400 at Bella Vista, mostly 2024 and 2025 bills. For how taxes play out at resale, see how property taxes affect the sale of a Wisconsin second home.
What to check before you make an offer
Condotel purchases use the WB-14 condominium offer form, and Wis. Stat. 703.33 gives you 5 business days to rescind after you receive the condominium disclosure materials. Use every one of those days.
- The declaration, bylaws, rules, and any amendments, including pet and owner-use rules
- The current budget, reserve study, 2 years of meeting minutes, and the master insurance certificate
- The rental management agreement and any furnishing standards
- The seller's owner statements for the last 2 or 3 years
- Any pending or recently voted special assessments
Which building fits your situation
| Your situation | Where to look |
|---|---|
| Lowest entry price | Lake Lawn Resort, where most units are single hotel rooms |
| Downtown Lake Geneva | The Cove, Mill Creek, Bella Vista, Harbor Shores |
| On Geneva Lake with a pier | Bella Vista (private pier); The Abbey sits next to Abbey Harbor |
| On Delavan Lake | Lake Lawn Resort or Delavan Lake Resort |
| Resort grounds and a waterpark | Timber Ridge Lodge at Grand Geneva |
| You want to manage rentals yourself | Hayloft Lodge |
| You need a conventional mortgage | A regular condo; condotels generally won't qualify |
For the towns behind these buildings, see the Fontana, Delavan, and Lake Geneva community guides, or the guide to the lakes around Lake Geneva. Chicago-area buyers weigh these choices in what Chicago buyers look for in Lake Geneva second homes. The condotel stay guide compares each building as a guest.
Selling a condotel unit
Your buyer pool is mostly cash buyers, and the data backs that up. Have your owner statements and the rental agreement ready before you list, and price against your own building's closings, since the spread between buildings is huge. Our checklist of documents you need to sell a home in Wisconsin covers the paperwork.
Most condotels sell furnished. Our posts on selling a condo in Lake Geneva, selling a vacation home furnished, selling in Fontana, and selling from Illinois go deeper.
Frequently asked questions
What is a condotel near Lake Geneva, WI?
A condotel is a hotel where each room or suite is a deeded condominium unit. Around Lake Geneva, 9 buildings operate this way, including The Abbey Resort, Lake Lawn Resort, Timber Ridge Lodge, and The Cove of Lake Geneva. Owners pay condo fees and property tax and can usually place the unit in the hotel's rental program.
How much does a condotel cost in Lake Geneva?
It depends heavily on the building. Metro MLS closings from January 2025 through August 2026 put building medians at $40,000 at Lake Lawn Resort (13 sales), $115,000 at Timber Ridge (13 sales), $132,000 at The Abbey (13 sales), and $229,000 at The Cove (18 sales). Two-bedroom units sell well above one-bedrooms.
Can I get a mortgage on a Lake Geneva condotel?
Usually not a conventional one. Fannie Mae's Selling Guide, section B4-2.1-03, makes projects that operate as hotels ineligible. That is why 76 of 84 condotel closings near Lake Geneva from January 2025 through August 2026 were cash. Buyers who finance usually use a portfolio or non-QM loan, and some sellers offer financing. Talk to a lender before you shop.
Which Lake Geneva area resorts are condotels?
The Abbey Resort in Fontana, Lake Lawn Resort and Delavan Lake Resort on Delavan Lake, Timber Ridge Lodge at Grand Geneva, and The Cove, Mill Creek Hotel, Bella Vista Suites, and Harbor Shores in downtown Lake Geneva. Hayloft Lodge on South Lakeshore Drive has condo units that owners rent out themselves.
How many nights can I stay in my own condotel unit?
The rental management agreement and association rules decide it, and they differ by building. At Lake Lawn Resort, MLS listing remarks say owners may occupy a unit a maximum of 34 nights a year, up to 14 in season and 20 off season. Read the owner-use section of the agreement before you make an offer.
How long do I have to back out of a Wisconsin condo purchase?
Under Wis. Stat. 703.33, a buyer can rescind a condominium purchase within 5 business days after receiving the required disclosure materials, such as the declaration and budget. For a condotel, use that window to read the rental management agreement and owner statements too. An attorney can explain how the deadline applies to your contract.
Talk with us about a Lake Geneva condotel
We work with buyers and sellers in Lake Geneva, Williams Bay, Fontana, Geneva National, Delavan, Elkhorn, and the lakes around Lake Geneva.
Search current Lake Geneva listings, or call or text (262) 325-9867. We'll pull the building's recent closings and get the condo documents and rental agreement in front of you before your review window starts.