This isn't your grand aunt's timeshare. Hilton Grand Vacations is making a bet that a timeshare can be an effective product among upper-class travelers by acquiring property in one of Manhattan's most expensive districts.
The Orlando, Florida-based company paid $175 million to acquire the West 57th Street property, it said in a statement Thursday. The seller was a fund managed by UBS Asset Management, according to a UBS spokeswoman.
Hilton Grand Vacations, which spun out of Hilton Worldwide Holdings Inc. in 2017, has a property directly across 57th Street and two others in Manhattan.
The Quin, a Beaux Arts-style hotel which was known as the Buckingham when it opened in 1929, has housed famous artists, including Georgia O’Keeffe and Marc Chagall. The hotel last sold for $60 million in 2010, according to property records.
Timeshare companies, which have traditionally focused on beachfront properties and other resort destinations, are demonstrating greater interest in urban hotels as they court millennial customers.
Westgate Resorts announced the acquisition of the former Hilton New York Grand Central earlier this month. The Orlando-based timeshare company paid $50 million, said a person with knowledge of that deal.
The Quin deal was brokered for UBS Realty by the hotel investment sales team at Eastdil Secured led by Lawrence Wolfe and Mark Schoenholtz, who recently moved to Newmark Knight Frank.
©2018 Bloomberg L.P.
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Photo Credit: A view of the Manhattan skyline. The Midtown neighborhood around West 57th and 58th Streets is called Billionaire's Row given the high-priced residences there, and this is not the usual territory for timeshare companies. But Hilton Grand Vacations plans to open a property there. Ron Antonelli / Bloomberg