'Condohotel' shall be understood as a building or group of buildings constructed expressly to be administered or which shall be converted into a horizontal property regime pursuant to the provisions of §§ 1291—1293k of Title 31, which complies with the requirements of a tourist or commercial hotel, consisting of apartments or rooms whose owners have pledged to rent to a corporation or other legal entity, under those terms and conditions as they have agreed upon, to be devoted, under one single administration of the building or buildings, to the lodging of transient persons on the basis of a daily rental or rate or for a definite longer period. The building or group of buildings may have commercial and office areas and other uses consistent with the principal utilization of same as herein defined. Not less than fifty percent (50%) of the apartments or rooms thereof shall be devoted to the lodging of the above-mentioned transient persons.The requisite of lease of the apartments or rooms by the owners to a corporation or other juridic entity to be devoted to the lodging of transient persons under a single administration on the basis of a daily rental or rate or for a definite longer by the owners to a corporation or other juridic entity to be devoted to the lodging of transient persons under a single administration on the basis of a daily rental or rate or for a definite longer period, may be obviated, in the discretion of the Tourism Company, in those cases where the operational concept assures the condition of a transitory stay of the lodged person without need of lease as above stated and without detriment to the operation as a hotel or tourist facility. History —June 8, 1972, No. 6, p. 350, § 3; June 30, 1975, No. 89, p. 279.
Puerto Rico Legal Code