The nontimeshare version is basically a condo that shares facilities and services with a hotel. One example is The Ivy (LC, Minneapolis), which has an attached residential tower with a separate but connected lobby. Other examples I know are the Westin Edina Galleria and the Sheraton Duluth, both located in MN and with the condo apartments located on top of the hotel floors of the building.

IMO this arrangement gives rise to several issues, including what happens if the hotel ceases to operate, eliminates certain services (good restaurant leaves, spa closes, valet parking is eliminated, etc.) or rebrands itself, especially to a less luxurious brand or some brand for a chain in which you have no interest if status and/or preferential booking service is part of the deal. I'd also be concerned about how costs of common facilities and services are shared between the hotel and condo owners. (For example, are housekeeping services provided by the hotel to the condo common areas billed at cost or is the hotel making a profit from the condo owners? What about the cost and major maintenance on a shared pool?)