HGV adds fourth property in New York City
Hilton Grand Vacations (HGV) has expanded it urban portfolio with the purchase of the Quin, its fourth property in New York City
HGV purchased the 17-storey property with plans to convert the existing 208 hotel rooms into 212 studios and one- and two-bedroom timeshare units.
Mark Wang, HGV’s president and CEO, said: “We are excited to announce the acquisition of the Quin, our fourth property in New York City and an important milestone in our 2018 inventory investment programme.
“Adding high-quality properties in desirable destinations is a key component in advancing our strategic priorities.”
The Quin, a well-known luxury lifestyle hotel in Midtown Manhattan, is located near Broadway, Carnegie Hall and Times Square, with views of Central Park. It once housed the century’s greatest artists, including Ignacy Jan Paderewski, Georgia O’Keeffe and Marc Chagall. Resort amenities are expected to include a private owners’ lounge, fitness center and restaurant.
Purchasing the Quin is part of HGV expanding its portfolio of urban vacation options available to Club Members. The Residences by Hilton Club opened in June 2018. HGV already has two properties in Manhattan, including The Hilton Club – New York, which opened in 2002, and West 57th Street by Hilton Club, opened in 2009, and the first purpose-built timeshare property ever constructed in New York City.
HGV has entered into an agreement with the current management company while the property is being fully transitioned to HGV’s resort management and operations. The property will remain open during all phases of transition, and sales are anticipated to begin by the fourth quarter of 2019. HGV purchased the Quin for $175 million.