While Schema.org writes
Here is an example:
I would suggest to keep what you have and not worry about the HTML validator which is only a guide at any rate.
Don’t use the time
element.
It’s an error with Schema.org’s documentation. I reported this issue in the Schema.org tracker and it will likely be fixed in the next release.
Possible alternatives:
data element:
<data itemprop="openingHours" value="Tu,Th 16:00-20:00">Tuesdays and Thursdays 4-8pm</data>
meta element (which can be used in the body):
<meta itemprop="openingHours" content="Tu,Th 16:00-20:00"> Tuesdays and Thursdays 4-8pm