Nearly 2,900 buyers have embraced an often reviled form of ownership in a high-rise near the Magnificent Mile.
Hilton Grand Vacations Club’s first Chicago property, comprising the top six floors of the Doubletree Hotel at 300 East Ohio Street, has sold 2,862 timeshares since 2022, Crain’s reported, citing Chicago Cityscape.
Buyers take part-time ownership rights and annual or biannual usage periods. These timeshare, priced between $20,500 and $70,000, have generated $126.6 million, which is just $44,000 per timeshare but over $1.6 million per unit.
The timeshare model provides limited ownership, attracting buyers seeking affordable options for vacation stays.
Each timeshare in the building provides owners with a small fraction of the property and guaranteed use for a specified period. One buyer, for instance, paid $37,000 for 0.12 percent ownership, granting a week-long annual stay in a studio unit. Another paid $24,400 for 0.099 percent ownership, allowing biannual use of a similar unit.
The Florida-based timeshare company, led by CEO Mark Wang, acquired the six-story section of the building in 2019 for $54.5 million, later converting 122 hotel rooms into 78 studio and one-bedroom timeshare units. This marked Hilton Grand Vacations’ entry into Chicago, expanding its portfolio of 166 properties, including resorts in Hawaii and Florida and city locations like Paris and South Bend, Indiana.
The property’s location has also played a critical role in its appeal due to being within walking distance of Navy Pier, North Michigan Avenue and other cultural attractions like the Museum of Contemporary Art.
Timeshares don’t compete directly with condos, but the robust sales indicate confidence in Chicago’s recovery, said Gail Lissner, managing director of Integra Realty Resources. Downtown condo sales grew 6 percent last year compared to the previous year, with areas like Streeterville and River North seeing a 6.7 percent increase.
Alternative real estate models also gained momentum, including hotel-condos, where owners can use their units part-time and rent them as hotel rooms. At Trump International Hotel & Tower, sales of hotel-condos more than doubled last year.
— Andrew Terrell
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