Earlier this month Hilton Grand Vacations Club (HGVC) held the grand opening of the first newly constructed timeshare/hotel from the ground-up in New York City, called West 57th Street by Hilton Club. The timeshare is located at 104 West 57th Street between Sixth and Seventh avenues. The 28-story building has 161 guest studios, 1-bedroom rooms and penthouses available.
Although the timing of the opening may not be ideal with the economy still in discord, HGVC has been marketing the time share to prospective owners over the past year or so. According to the website, prices of weeks range from $40,680 to $117,120. Or at least for now, studios are being used as hotel rooms for a reported $299 a night.
Let’s do the math on this a bit…at $500 a night, one week would be equivalent to $3,500. Even at the lowest price for a week’s “ownership”, that would mean that you would need to go at least 11 years! This does not include the annual maintenance fees or possible special assessments. If you have the discipline and luck to go for a decade-plus, you may be able to get enough value to make it worth it. But realize the changes that will happen over 11-15 years!
So, for ANY timeshare purchase think twice, even 3 or 4 times over. There’s a reason why all the hotel chains have been massively profitable with timeshares. They know that you probably won’t use them every year.