For those who didn’t quite read all the details of our trip, we are now proud owners of a timeshare known affectionately as Hilton Grand Vacations Club on the Las Vegas Strip.
Here are some facts.
- Our fraction of the property is based on a 1-bedroom suite occupied for 7 days. It’s not a specific assigned week, it is based on a reservation system, first-come first-served.
- We have the option to take a smaller suite for a longer time, or a larger one for a shorter time.
- If we go at an off-peak time we can have 14 days instead of 7.
- The cost of this timeshare property is a little less than a new car. We will probably pay it off in 3-4 years.
- After it is paid off we can use it forever, we just have to pay a yearly maintenance fee of $480 (kind of like a condo association fee).
- The 7-days (or 14 off peak) can be used at the home resort, or any resort in the Hilton Grand Vacations system, such as Florida (beaches, islands, disneyworld), Hawai’i or Scotland, or a couple other places.
- We can trade with other timeshare owners using a network called RCI. Because Hilton properties are quite desirable, we can trade our 7 days for 10 days most anywhere else on the network.
- If we decide to take shorter vacations, we can reserve in smaller blocks (2 or 3-day minimum I think).
- We can also decide to fold our points into Hilton Honors program and get “normal” hotels instead (or air fare or rental cars or a combination of things.)
- They gave us 9.9% financing which is not bad, but I still want to refinance with our credit union.
- Our property is 10 acres, and is located on the strip across from Wet ‘n Wild, between Circus Cirus and Stratosphere.
- 0.00406% of 10 acres is 176 square feet. Therefore, property in Nevada is about US$100 per square foot, if purchased with a resort already attached.
- This makes the sale price of the entire resort by the developers about $450M.
So, the only thing left to decide is, where are we going on vacation next year, and who should we take with us?