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Acquisitions

Hilton Grand Vacations acquires the Quin

Hotel is located at 101 West 57th Street

Quin Hotel (Credit: Quin/TRD)

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.

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