SAN FRANCISCO-Hotel Canterbury, a 224-room boutique hotel near Union Square that was shuttered in 2005, will reopen next year as a 115-room timeshare property. Wyndham Worldwide vacation ownership subsidiary is renovating the asset and plans to reopen it next fall.

Wyndham says it acquired the 70-year-old property and the adjacent Whitehall Inn from affiliates of The KOR Group in 2006. The purchase price was approximately $35 million, according to published reports.

Upon completion of the renovation, the property will offer a combination of one- and two-bedroom units as well as 20 luxurious presidential suites of one to three bedrooms. Hotel amenities will include a fitness center, business office and on-site restaurant.

The property will be Wyndham's second in San Francisco. It entered the market in 2004 with its acquisition of the Juliana Hotel, now called WorldMark San Francisco.

Headquartered in Orlando, Wyndham Vacation Ownership is the world's largest vacation ownership business, with 135 resorts throughout the US, Canada, Mexico, the Caribbean and the South Pacific. As of late, it has been expanding into “urban destinations.” In addition to San Francisco, the company has recently opened or is developing resorts in urban markets such as Washington DC, San Diego and New Orleans.