Hilton Grand Vacations buys Quin hotel for $175M

Hilton Grand Vacations, a timeshare company, has purchased a hotel on Billionaires’ Row for $175 million.

The company bought the Quin at 101 West 57th Street from a fund overseen by UBS Asset Management, according to Bloomberg. The 213-key hotel opened in 1929 and was known as the Buckingham at the time. Artists included George O’Keefe and Marc Chagall have stayed there.

The price came out to about $820,000 per key.

Hilton spun off Hilton Grand Vacations into a separate publicly traded company in 2016. Timeshare companies have lately been showing more interest in urban hotels in an effort to attract millennial customers.

Earlier in June, Westgate Resorts spent $50 million to purchase the former site of the Hilton New York Grand Central. [Bloomberg] – Eddie Small