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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:

Not all is rosy in the Condo Hotel World however.  Projects that announced and then were withdrawn from the market include:

  • 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!”

My fun tip of the day: Gethsemane Garden Center.  Gethsemane is, in this gardeners opinion, the best garden center around.  Pricey, but well worth it.
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