The Real Deal New York

UBS looks to sell the Quin hotel

Billionaires' Row property last traded for $60M in 2010
By Katherine Clarke | April 20, 2017 02:00PM

UBS’s Matt Lynch and the Quin Hotel

UBS Realty Investors has put the Quin hotel at 101 West 57th Street on the market, The Real Deal has learned.

Sources familiar with the 17-story, 213-key property said it could fetch in excess of $1 million a key, or more than $213 million.

UBS acquired the property for $60 million in 2010 from a partnership headed by Equinox founder Danny Errico. The company rebranded and renovated the property, formerly known as the Buckingham Hotel. It had reportedly been home to cultural icons such as the opera singer Giovanni Martinelli and the painter Georgia O’Keefe.

Sources said UBS has wanted to sell the 1920s-era building for more than a year, but held off amid turbulence in the hotel market. A team led by Lawrence Wolfe of Eastdil Secured is marketing it. Neither Wolfe nor a spokesperson for Highgate, which manages the roughly 113,000-square-foot, Billionaires’ Row property, was immediately available for comment.

The five-story hotel is home to the Wayfarer bar and restaurant. It’s offered unencumbered of brand and management, meaning a buyer could bring in new management, according to marketing materials obtained by TRD.

New York hotel owners have been struggling over the past year, with new supply pushing down rates and occupancy levels. President Donald Trump’s attempts to impose a travel ban have also been hurting the industry, according to comments recently made by Marriott International CEO Arne Sorenson.

The ban, which predominantly affects Muslims, is “not good, period,” he said at a gathering in Dubai.

Wolfe is also marketing the Park Lane Hotel on Central Park South on behalf of developer Steve Witkoff, TRD reported.