So, apparently the new thing is "Fractional Converting." Not shady TIC deals but timeshares. WTF, you may be asking yourself, but according to this article in the San Francisco Business Times, fractional projects are hot. The new Ritz-Carlton project was profiled in the article and promises, with a one-twelfth ownership buy-in, 21 to 35 days a year to live there and use all of their amenities and "special services" including "servicing twice a day." Hmmm. Just like those Disney timeshares that everyone's cousins had and never used, you can also trade in your SF Ritz allocation for stays at other Ritz-Carlton resorts. The article states that they expect to sell all of the 588 fractionals in four years, and prices range from $200k to $350k. And an R-C rep believes that "private residents who are buying condos in the building are looking at the fractionals as their guesthouse, to entertain friends and family." Anwar Elgonemy, an advisor, was quoted as saying, "the [timeshare] industry has had a sleazy image, but it's been upgraded with hotel brands such as Ritz-Carlton... I wouldn't be surprised to see time-shares on... Treasure Island someday." Uh, we would.
· Permanent Part Time Home [SF Business Times]
· Fractional Ownership [The Ritz-Carlton Club]
· Ritz-Carlton Lite [Curbed SF]
Filed under: