A new phenomena has cropped up in the past 5 years in the Chicago market: Condo Hotels. Popular in New York and Miami for over a decade, these are properties that offer a twist on the fractional ownership concept of ‘timeshare’ days. These types of properties operate as a hotel with all the expected amenities but are conveyed with a closing, title and deed and come with the legal and financial structure of a condominium.
Choosing to purchase in a condo hotel allows the investor to own a property without the worry of upkeep. Of course, maintenance isn’t free. Not only are condo hotels usually more costly to purchase, a daily fee is levied during the times you occupy the home for items such as maintenance, housekeeping and utilities. Purchasing a hotel room offers the benefit of purchasing in desired locations within Chicago, full amenity service, defraying the expense of the purchase by renting it out and, last but certainly not least, having the luxury of being able to choose times you would like to occupy the space. One item of caution: you usually have no say in the decorating choices but if you like “5-star chic”, this may not be a bother.
In Chicago, currently there are several choices:
- Raffaello: 201 E. Delaware Almost sold out but resales are available
- Trump Hotel Chicago: 401 N. Wabash –Approximately 40% are still available from Developer. Resales however are starting to enter the market
- Elysian 11 E. Walton (located at Rush, State & Walton) Developer units still available
- ShangraLa- 121 E. Wacker Waterview suites still available
- Mandarin Oriental –160 N. Stetson Great opportunities for ownership still available
- Amalfi Hotel 20 W. Kinzie Resale units available
- Canyon Ranch
- Fairmont Hotel
Hotel Condos are a perfect choice for many looking for luxury in the Windy City.
For more information on any of the Hotel Options available, call me! I know them all and can help you navigate the muddy waters of your new “Hotel Home!”