Appealing to the business travel market as much as the vacation buyer, urban fractional ownership and membership have recently sprung onto the fractional scene, creating a buzz on both sides of the Atlantic.

In New York, Hilton Grand Vacations’ first foray into fractional is just about to launch on West 57th Street, offering 161 luxury studios, one-bedroom and penthouse suites over 28 storeys between the Avenue of the Americas and Seventh Avenue. The property is due to open on July 3 this year, just in time for the US Independence Day celebrations the following day.

“Our vision is to create a distinctive shared ownership project from the ground up in New York City,” says Hilton GV president Mark Wang. “West 57th Street by Hilton Club transcends traditional timeshare and continues to experience high demand.” Hilton’s traditional product has been high end timeshare property across the US, in holiday destinations such as Las Vegas and Hawaii.

“This is a more chic and upmarket product,” says Howard Nankivell at Hilton. “It’s deeded real estate, based on weekly increments. Even though it is difficult to sell high end real estate in New York at the moment, the sales figures have exceeded our expectations,” says Nankivell. “If we continue to sell this well through turbulent economic times we intend to take this blueprint global. It’s a very exciting way of selling property.”

The property has been constructed to exacting standards, with a luxury spa offering massages, body treatments and therapies; the apartments have floor-to-ceiling windows, state-of-the art entertainment systems and marble and granite surfaces throughout each residence. Geographically, West 57th Street by Hilton Club sits at the heart of Manhattan, close to Central Park, Carnegie Hall, the Lincoln Center and the Museum of Modern Art. The worldclass shopping opportunities of Fifth Avenue are just a moment’s walk away. Prices range from $33,900 per week for a studio to $117,120 per week for a penthouse, including membership of Hilton Grand Vacations Club. “We are proud to incorporate a sophisticated array of amenities and ownership privileges,” says Wang. Hilton Grand Vacations Club and The Hilton Club provide exclusive exchange, leisure travel and reservation services for their 127,000-plus members.

LONDON

Over in London, a similar location has been chosen for Grand Residences by Marriott for London’s first urban fractional membership scheme. Members can buy 21 nights per year at the 49-suite building, known as 47 Park Street, lasting until 2050. They receive deeded interest in the property, which can be sold on, though because the building is leasehold rather than freehold, the value will diminish over time.

This quirk of leasehold ownership highlights the many varieties of fractional structure that have emerged in recent months and years. “Every fractional offering has a slightly different model,” points out Issy Lowndes at Luchford public relations, who handles media relations for 47 Park Street. “You have to work within the laws of the land, but these laws differ from country to country.”

The concept of 47 Park Street was designed for those who travel frequently to the capital, providing members with an alternative to second home ownership as well as a significant financial advantage over staying in a luxury hotel suite. The developers believe that 90 per cent of customers are business travellers.

The Edwardian-style townhouse was built in 1927 and combines neo-classical and Regency styles. “Each residence reflects the elegance of a bygone era,”says Marriott. “A member can enjoy a wealth of modern amenities, yet there remains a wonderful timeless, discreet atmosphere combined with a highly personalised, attentive service.”

Top-end kitchen facilities include Villeroy & Boch cookware and china, the bathrooms are clad in marble and the king-sized beds are covered in the finest linen. Valet service and 24 hour in-room dining ensure that guests are well fed and comfortable, while a private entrance to the Michelin twostar restaurant Le Gavroche is another subtle benefit.

With prices starting from £111,000 for the 21-days-a-year package, 47 Park Street was voted all round fractional offering of the year by Fractional Life earlier this year. “The criteria for this award is straightforward – that it is the best all-round fractional offering in terms of location, service, building standards, and benefits to Members,” says Piers Brown of Fractional Life. “The appeal of fractional ownership to the consumer is growing, and it is increasingly clear fractional is the financially savvy way to achieve a desired lifestyle but without an excessive outlay.”

“Thank you to those who view the 47 Park Street lifestyle as the ideal way to own a home in Mayfair. We are delighted to receive this accolade,” says project director Jennifer Massey.

Dr Adam Farkas, a banker in Budapest and a 47 Park Street Member since 2007, comments that his main motivation for this purchase was ease of use. “I had been thinking about buying in London, but didn’t want full ownership. I didn’t want to deal with the problems of letting a property and, as a banker, I know that financially, it would be a bad investment if the property is left vacant for most of the year.”

Raymond de Motte, an American businessman from Idaho and a member of 47 Park Street since 2005 explains, “It is the location and the convenience that brings me here. The concierge is just fabulous; I send an email and I know my requests will be taken care of.”

Membership comes with a range of additional extras, including entry to some of the most exclusive London clubs. Similar fractional offers are available in Paris and are in discussion for Barcelona.