Marriott Vacations Kicks Off Third Phase of 223-Unit Timeshare in Las Vegas
- Aug 01, 2012
Seven years after opening Marriott’s Grand Chateau in Las Vegas, Marriott Vacations Worldwide Corp. has commenced construction of the third tower at the complex of ownership villas.
Timing is everything, particularly in the timeshare market, and it appears the timing is right for the third phase of Grand Chateau to get underway. “Overall demand and sales performance have continued to increase,” Ed Kinney, vice president, corporate affairs with Marriott Vacations Worldwide, told CPE.
Carrying the address of 75 East Harmon Ave., Grand Chateau towers above the famed Las Vegas Strip, at a location between Planet Hollywood Hotel & Casino and Signature at MGM Grand. The new 37-story tower will encompass 223 Marriott Vacation Club villas with sizes ranging from 820 to 2,100 square feet and featuring high-end amenities completing the existing two structures. Upon completion of the project, the Grand Chateau property will feature a total of 643 residences.
“The Las Vegas market has been great for us, which has allowed us to continue on with our phased construction,” said Kinney. “It’s exciting to be in the market; it’s certainly been a high-demand location for us.”
On a national level, the vacation timeshare industry is on an upswing. According to a recently released study by Ernst & Young, 2011 sales of vacation units increased slightly from the previous year. Approximately 80 percent of owners continued to travel to their timeshare residences, a figure that outpaces traditional hotel occupancy.
The doors of the third tower at Grand Chateau will swing open to the first residents in mid-2014. But completion of the project will not mark the end of development at the property, “The plan was originally approved for four buildings and that’s still our goal, and construction will be based on sales performance,” Kinney noted. “That will finish out the project.” If all goes as planned, Grand Chateau will ultimately feature 895 villas.