You're not going to believe this: Las Vegas is a hot market, especially for luxury. That's the word in the first market report from the National Association of Condo Hotel Owners.

The survey, available to members of the non-profit association at www.nacho.us, notes that “approximately 99 percent of new hotel rooms coming into the luxury Las Vegas market are being absorbed by new demand within three years of their grand opening.”

In Vegas, condo hotels make sense, NACHO suggests, because “when one is buying a condo hotel, one is buying a piece of a commercial hotel as well as a piece of real estate.”

The lobby is less bullish on upscale Vegas projects, noting that since 2004, absorption rate year to year has been in the negative: too many rooms, too little demand. At the same time, lower home owners association fees continue to make this segment attractive, NACHO says.