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Hilton Timeshare Spinoff Makes Initial Foray into Chicago
Hilton Grand Vacations, the timeshare unit of Hilton Worldwide that was spun off in 2017, has entered into a purchase-sale agreement with Related Fund Management and The Chartres Lodging Group to acquire the top six floors of the 26-story DoubleTree by Hilton Hotel Chicago – Magnificent Mile. It will be HGV’s first property in the city.
“Chicago is a great new market for HGV,” said Mark Wang’s HGV’s president and CEO. “It’s a prime destination for dining, shopping, theater, sports and entertainment, and our project is in an A+ location in a property undergoing a complete renovation.”
Related and Chartres will renovate and convert 122 of the existing 500 hotel rooms into 78 studio and one-bedroom timeshare units, all according to HGV’s brand standards. HGV will acquire the inventory in phases, beginning in the second quarter of 2019. Total project investment for HGV is expected to be approximately $54.5 million.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
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