You've heard all the chatter about condo hotels, but you're not sure if they're the ideal vacation home or just timeshares in disguise. Here's what you should know.

Condo hotels are not your parents' timeshare. They're whole ownership of a vacation home, not the purchase of a specific week or two of annual usage. So how do they differ from other types of home ownership?

Well they've got all the bells and whistles of a luxury hotel. We're talking designer-furnished rooms, a resort-style pool, a full-service spa, a variety of on-site restaurants, a fully-equipped fitness center and more. Plus, you'll have a full complement of services at your disposal—a concierge, 24-hour room service, valet parking and daily housekeeping.

Now here's the interesting part. You can use your condo hotel home as much as you'd like. But when you're not there, instead of closing up your vacation house in the off-season, you can place it in the hotel's rental program.

If the condo hotel has a well-known hotel franchise like Starwood, Trump, St. Regis, Ritz-Carlton, Hilton, Four Seasons, Sonesta or Hyatt, they'll put their marketing program and international reservation system to work keeping your room filled.

You'll get a share of the revenue your condo hotel unit generates. That income may offset the costs of owning your vacation home and could possibly net you a small annual return.

A professional on-site management company takes care of handling the hotel guests, maintaining the property and ensuring the smooth operation of its amenities. All of the traditional responsibilities of owning a second home are non-exis

Most condo hotel properties are located on prime real estate in popular vacation destinations like Miami, Orlando, Las Vegas, Myrtle Beach and the Caribbean. Some big cities are also getting condo hotels like Chicago, New York, San Diego and Toronto.

Like ownership of a traditional house or condo, you can choose to resell your condo hotel unit whenever you want. And like most types or real estate, there's a good chance your property will have appreciated in value. Most condo hotel owners will tell you that appreciation is one of the major differences between condo hotels and timeshares, which often lose value and can be difficult to resell.

Is a condo hotel right for you? If you appreciate luxury accommodations when you vacation, if you want hassle-free ownership of a second home, and if you like the idea of investing in a property with appreciation potential, a condo hotel could be the perfect answer.