Hotel is located at 101 West 57th Street
Hilton Grand Vacations has acquired the Quin at 101 West 57th Street for $175 million from UBS Asset Management, according to HotelManagement. The hotel spans 112,977 square feet, and contains 213 rooms.
Flashback: The billionaires’ row hotel opened in 1929 and last sold for $60 million in 2010.
Why it matters: With a sluggish hotel market, it’s not surprising that the buyer was a timeshare company. Bloomberg notes that such companies are now expanding their focus from beachfront properties and other resort destinations to urban hotels as they court millennial customers.
Emerging Trend: Earlier this month, timeshare company Westgate Resorts acquired the former Hilton New York Grand Central for $50 million.