ORLANDO, Fla.--(BUSINESS WIRE)--
Hilton
Grand Vacations Inc. (NYSE:HGV) announces it has acquired the Quin,
which will be its fourth property in New York City. HGV purchased the
17-story property with plans to convert the existing 208 hotel rooms
into 212 studios and one- and two-bedroom timeshare units.
“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 program,” says Mark Wang, president and CEO of
Hilton Grand Vacations. “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. Previously, HGV opened two properties in
Manhattan, including The Hilton Club – New York in 2002 and West 57th
Street by Hilton Club in 2009, which was 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.
Important Notice
Statements in this press release that are not historical facts may be
forward-looking statements. Words such as “anticipate,” “believe,”
“expect” and “intend” indicate a forward-looking statement, although not
all forward-looking statements include these words. Forward-looking
statements involve risks and uncertainties that could cause the outcome
to be materially different.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a leading global
timeshare company. With headquarters in Orlando, Fla., Hilton Grand
Vacations develops, markets and operates a system of brand-name,
high-quality vacation ownership resorts in select vacation destinations.
The Company also manages and operates two innovative club membership
programs: Hilton Grand Vacations Club® and The Hilton Club®,
providing exclusive exchange, leisure travel and reservation services
for more than 290,000 Club Members. For more information, visit www.hgv.com
and www.hiltongrandvacations.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180628006312/en/
Hilton Grand Vacations Inc.
Lauren George, 407-613-8431
Lauren.George@hgv.com
Source: Hilton Grand Vacations Inc.