Hotel residences: All the perks with none of the work

— -- For most vacationers, second homes are an alternative to staying in hotels. But for a rapidly growing minority, hotels are their second homes.

The hotel-residences trend is notably different from its predecessors such as fractional/time share hotel units, which are not wholly owned, or condo hotels, which are wholly owned hotel rooms without, for example, kitchens. Not only do hotel residences have kitchens and everything else an owner would expect in a typical abode, they also include amenities such as maid and room service, plus restaurants, spas and gyms.

These residences offer truly turn-key second-home ownership and, in some cases, can create an income stream by letting the hotel rent the apartment when the owner is not there. Another advantage is that some hotel companies allow owners to trade and use residences at other locations.

"People like the services. You buy it, you don't have to worry about it," says Kimberly Hehir, vice president of strategic planning for Leading Hotels of the World, which sees more of its member hotels going the residence route.

Typically, residences are on the top floors of hotels, reachable by controlled-access elevators, but make up only a fraction of the building. For instance, the Park Hyatt Beaver Creek in Colorado has 15 residences atop 190 hotel rooms.

The chains that have been most successful with the concept are luxury and boutique brands. Hehir singles out Ritz-Carlton, along with the likes of Auberge Resorts, Setai, Conrad, Four Seasons and St. Regis. However, the idea also is catching on with midmarket names such as Hilton, which recently launched its Hilton Club concept in New York City.

"I think it's a great idea, and if I wanted a second home in a place like Las Vegas, I would do it," says real estate and hotel investor David Kelsey, president of Hamilton Capital. "It's great to have the services and the spa. Also notably, I haven't seen any examples of it failing, or any hotels getting into trouble with it, which happens in every other sector of the hotel and real-estate business."