TMR Brings Polish Condohotel Model to Slovakia's Jasná resort

TMR offers an attractive ski in/ski out project in Jasná resort, Slovakia

Innovative Investment Opportunity at Jasná Resort

Tatry Mountain Resorts (TMR), Slovakia's leading mountain tourism company, is introducing the Polish condohotel model to the Jasná resort in the Low Tatras, creating a new investment opportunity in one of Central Europe's top mountain destinations.

Jasná Resort: Key Facts for Investors

Jasná is the largest ski resort in Slovakia and among the biggest in Central Europe. The resort features 50 kilometers of ski trails, 12 freeride zones, and modern infrastructure with a total transport capacity of 31,959 people per hour. Slovaks have invested over 200 million EUR in Jasná's infrastructure, positioning it to compete with Alpine resorts while maintaining more affordable pricing. The resort operates year-round, with winter focusing on skiing and summer activities including hiking on the region's extensive trail network.

For comparison, while some French resorts charge over €7 for an après-ski beer, at Jasná prices remain under €2, offering excellent value. A six-day adult lift pass costs approximately 178€, significantly less than comparable Alpine destinations.

The Polish Condohotel Model

A condohotel combines "accommodation in a hotel with ownership of a property," allowing individual ownership of hotel rooms with management handled by the hotel operator. This model has proven successful in Poland and offers several advantages. You can find out more about how the condohotel model works in a separate blog post.

TMR's Strategy

TMR's Central Jasná project represents their most ambitious real estate venture to date. With an investment of €65 million, the development features six floors, over 400 beds, and 250 parking spaces, designed as a true ski-in/ski-out hotel that combines luxury with the natural beauty of the Low Tatras. Scheduled for completion in 2025, Central Jasná offers 136 suites and 48 standard hotel rooms alongside premium facilities including a wellness center, restaurant, and congress facilities.

The company offers two distinct investment models at Central Jasná.

• The FLEXI model provides a revenue-sharing arrangement where owners receive 60% of accommodation income after service costs, with TMR taking 40%, plus attractive benefits from TMR's service portfolio.

• Alternatively, the FIX model offers a guaranteed annual return of 3-4% on the property purchase price for 10 years, with an additional guaranteed 5% annual appreciation and potential property buyback by TMR at 50% above the original purchase price after the 10-year period.

As one investor testimonial notes, having "the developer and the resort operator rolled in one is probably the biggest benefit," creating what they describe as "an investment combined with pleasure." This integrated approach ensures both property management quality and maximized rental potential.

The project is centrally located in Jasná. The hotel opens in 2025.

Economic Considerations

The Central Jasná investment model presents a conservative but stable approach compared to its Polish counterparts. While Polish condohotels typically offer higher rental yields of 6-8%, TMR's guaranteed 3-4% annual return plus the fixed 5% capital appreciation provides a combined total return of 8-9% annually, making it competitive on an overall yield basis. The guaranteed nature of both components reduces investor risk compared to performance-based models.

Investors should note that the guaranteed yields apply to the price excluding VAT, requiring them to register as VAT payers to optimize their tax position. With annual costs including property maintenance, insurance, and accounting estimated to remain below 2% of the property value, the net effective yield remains attractive.

A key consideration regarding TMR's model is that the fixed rental return does not include inflation indexation, which is typically implied in Polish rental models (we had asked TMR about this and they responded that the rental return is fixed for the 10-year period).

Without indexation, the real value of the fixed return would erode over time during inflationary periods. However, the guaranteed capital appreciation component provides a hedge against inflation that Polish models don't explicitly include.

The 50% buyback premium after 10 years represents a significant advantage of TMR's model, effectively guaranteeing a minimum 5% annualized capital gain regardless of market conditions – a feature rarely found in Polish condohotel arrangements.

Model prices of units (as of writing of this post in May 2025):

• Studios are unfortunately sold out already

• One-bedroom apartments start from EUR 396 thousand without VAT (at circa EUR 10 thousand per sqm)

• Duplex suites start from EUR 478 thousand witout VAT and range to circa EUR 1 million for the largest suites

Compared to the Polish market, these units are approximately twice as expensive on a per square meter basis (TMR's EUR 10 thousand vs. EUR 5 thousand typical for Polish mountain resorts). The rental return (3-4%) is half of what you would get in Poland. Yet again, the attractiveness of TMR's offering lies in the guaranteed capital gain.

Ready to Explore This Investment Opportunity?

To learn more about this unique investment opportunity at Central Jasná, you can contact TMR directly through their website. For investors seeking a more comprehensive understanding of the condohotel model and its specific application in Slovakia, our team offers personalized consultation services. Contact us to arrange a consultation and discover how this innovative investment model can become part of your portfolio strategy.