Tuesday, June 13, 2006


Ritz Says It Sold $106M In S.F. Timeshare Units

The company has not actually collected $106 million but instead accepted "sales reservations" totalling that amount. Such reservations typically involve a deposit of a fraction of the total cost of the timeshare.

San Francisco is the first urban location for the Ritz-Carlton Club. It is located in the former Chronicle building at 690 Market St. and developed by Jim Hunter's Hunter Group of Alameda. The $90 million timeshare renovation and expansion project will result in 49 shared fractional ownerships and timeshares, which have attracted initial commitments from 57 buyers so far, and 52 individual residences, which have attracted reservations from 45 buyers.

The individual timeshare units cost from $1.2 million to $5 million, while hee fractional ownership interests start at $200,000 for a one-twelveth share of one unit.

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