Buying one of the Chicago hotel condos makes quite a bit of sense for many home buyers. If you plan to spend part of the year in Chicago or visit the city regularly, owning a hotel condo in Chicago makes a good investment.
One of the biggest advantages of hotel condos is the ability to easily rent them when you’re not using the unit. Even if you only need to be in Chicago a couple of times a year, the investment opportunity of hotel condos may fit perfectly.
Chicago is filled with great hotel condos and they come in all shapes and sizes. If you’re looking for the perfect place to call home in Chicago – for the entire year or for part of the year – consider one of the following top Chicago hotel condos.
A luxurious option when it comes to Chicago hotel condos, Trump Tower provides amazing views of the river and the city. It’s a great spot for luxury buyers seeking some of the best views in the city.
Along with the incredible views, Trump Tower offers a spa, fitness center, heated swimming pool, indoor parking, and plenty of other great amenities throughout.
Condos range from 580-square-foot studios to 14,260-square-foot penthouses. Most units offer 10-foot-tall ceilings, while penthouses have ceilings ranging from 12 to 16 feet tall. All the penthouses are found on the top floors from floor 86 to floor 89.
While Trump Tower offers hotel condos, it also offers residential condos. Both offer incredible luxury and the hotel condos found within the Trump Tower offers owners the ability to rent them out when they are not using them.
The majority of the hotel condos found at Raffaello in Chicago are studio or one-bedroom units. A few hotel condos here are two-bedroom penthouses, as well.
The Raffaello is a high-rise building with plenty of hotel condo options. It’s a luxurious choice with plenty to offer including the history of a building dating back to 1926. The building was originally a training center for the Wesley Memorial Hospital.
A total of 174 hotel rooms and hotel condos are found here covering 16 floors. The building offers plenty of luxury amenities including concierge services, valet parking, room service, valet laundry, an exercise room, and a rooftop lounge.
A brand new option, Vista Tower stands 101 stories tall and provides unmatched luxury in Chicago. This hotel condo is currently under construction with an opening date set later in 2020.
Vista Tower provides an ultra-luxury condo and hotel building with high-end amenities, such as an outdoor pool deck, a private dining suite, and a wine tasting room. It’s also expected to include a residents’ lounge overlooking the city.
The name “Waldorf” screams prestige and the Waldorf Astoria offers very prestigious hotel condos in Chicago. The building includes many amenities, such as an indoor lap pool, a health club, and large terraces throughout.
Many custom features and finishes are found within each unit and the hotel amenities make the Waldorf Astoria a great choice for luxury buyers with two, three, four, and five-bedroom options. If you seek privacy, the fact that only two units are found on each floor could make the Waldorf Astoria the right choice for you.
The hotel rooms are found on the lower floors with 51 luxury condominium residences found on the top floors. Residents gain access to a concierge, 24-hour door staff, and they even have a pet care program.
Also known as 800 North Michigan Avenue, Park Tower offers mostly two and three-bedroom condos. While these are not exactly the same as some of the other Chicago hotel condos on the list, the building does offer residents access to hotel amenities, such as the Park Hyatt’s indoor pool, sun deck, and health club.
Should You Invest in One of the Chicago Hotel Condos?
Whether you’re looking for a permanent place to call home in Chicago or you just need a place to stay a few times a year, Chicago hotel condos might fit well with your needs. While not all buildings will let you rent out your units while you’re gone, they all provide access to hotel amenities, which can be rather enticing.
When it comes to the investment side of things, there are some pros and cons to consider with Chicago hotel condos.
If you’re specifically looking to make money from a hotel condo investment, it may be one of the top choices to add to your portfolio. The booking software makes it very easy for your unit to change prices as demand changes. You will likely be able to turn your unit over to a management staff, too, which means, you can be very hands-off with your investment.
While the ease of renting your unit may be attractive, it’s important to consider the revenue split. You will split the revenue with the hotel operator and the split may vary quite a bit from one building to another.
There are many things to look at when considering an investment in one of the Chicago hotel condos on this list. It’s best to speak with a luxury real estate agent in Chicago to ensure you’re making the right decision for you and your specific needs.