Condo-hotels, however, are the best positioned to directly benefit from a surge in visitors to South Florida.

Think of condo-hotel units as a partnership of sorts between individual owners and the property’s flag operator.

Some of the best-known South Florida condo-hotels include the newly opened St. Regis Bal Harbour Resort, the W South Beach in Miami Beach, the Q Club Resort & Residences in Fort Lauderdale, and the ICON Brickell Viceroy Hotel in Downtown Miami.

Many owners of condo-hotel units opt to include their properties into the flag operator’s inventory in hopes their units will be rented when visitors make a reservation or walk into a property seeking accommodations. Typically, a flag operator will split the overnight fee with the condo-hotel unit owner.

The condo-hotel owners are responsible for the unit’s property taxes, monthly maintenance fees, daily cleaning fees and the cost of maintaining the interior and furniture of the units based on the guidelines established by the flag operator.

For many investors, the condo-hotel concept allows buyers to purchase a unit that is entrusted to the flag operator to rent out and manage on a quarterly or annual basis. Any proceeds owed to the owners are typically used to cover the unit’s monthly expenses including the maintenance fee and property taxes.

Despite the convenience, many investors consider condo-hotel units to be unpredictable. Tourism trends, natural disasters and changes in flag operators can play a key factor in the project’s success.

Still, condo-hotels have enjoyed a resurgence in popularity in Miami-Dade and Broward counties even prior to the South Florida casino discussion.

In the first 11 months of 2011, buyers have acquired an average of 32 transactions per month at a median price of $292 per square foot in Miami-Dade and Broward counties, according to the Miami Association of Realtors.

In previous years, buyers purchased an average of 17 units per month at a median price of $277 per square foot in 2010 and an average of nine units per month at a median price of $291 per square foot in 2009.

As of Dec. 18, 2011, there are 375 condo-hotel units on the resale market in Miami-Dade and Broward counties at a median price of more than $450 per square foot.

An additional 70 condo-hotel units are under contract waiting to transact. The median asking price for the pending deals is $276 per square foot, according to the data.

As the Florida legislature prepares to decide the fate of full-fledged gambling in South Florida, it is essential for the real estate industry to control its enthusiasm and closer examine what direct impact Las Vegas-style casinos could realistically have on the region’s volatile condominium market.

Peter Zalewski is a principal with the Bal Harbour-based real estate consultancy Condo Vultures. Zalewski, who has had a Florida real estate license since 1995, works as a consultant for private equity groups and institutional investors.