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Chicago & Midwest  + Downtown  + Hospitality  | 

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.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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