"Condominium hotel" means a development in which:
1. Portions of the real estate are designated for separate ownership;
2. A hotel unit is defined which may contain shared components;
3. A transient rental program may be offered to the residential unit owners; and
4. The remainder of the real estate, which may be limited to airspace or subsurface rights, is designated as common elements and is controlled by an association.
(Added to NRS by 2007, 2195)