Hilton Grand Vacations Announces First Chicago Property
Friday, August 3, 2018
Just yesterday, Hilton Grand Vacations announced that they have entered into a purchase-sale agreement with Related Fund Management and The Chartres Lodges Group to acquire the top six floors of DoubleTree by Hilton Hotel Chicago. This is the company’s first property in this popular city.
“Chicago is a great new market for HGV. 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,” says Mark Wang, president and CEO of Hilton Grand Vacations. “This project perfectly sums up our growth and investment strategy: new market, expanded customer access, bite-sized investment, capital-efficient deal structure and high returns.”
DoubleTree by Hilton Hotel Chicago is located between the Magnificent Mile and the Navy Pier, near Millennium Park, Grand Park, and Chicago Theater. Timeshare owners at this property will enjoy full access to all of the amenities of the hotel, such as an outdoor pool and patio, fitness center, business center, and an on-site bar and restaurant.
Renovations will be made to the current property starting in the end of this year, converting 122 of the 500 hotel rooms into 78 studio and one-bedroom timeshare units. All suites will adhere to the standards of Hilton Grand Vacation Club. The company will acquire the inventory in phases starting in the second quarter of 2019.
Hilton Grand Vacations is expected to invest $54.5 million into this property. To learn more, visit their official website.