Hilton Grand Vacations has Purchased a Timeshare Hotel in Midtown

According to Commercial Observer, Hilton Grand Vacations paid $136 million to buy a 161-key timeshare hotel in Midtown Manhattan from private equity firm 54 Madison Partners. The troubled property, located at 12 East 48th St., was first constructed by developer Hidrock Realty just before the pandemic. Hilton Grand Vacations is the most recent in a long line of different owners. Hidrock was unable to “substantially complete” the 31-story hotel before the end of 2019; 54 Madison Partners provided mezzanine debt; and Midland National Life Insurance served as the senior lender. 54 Madison Partners later used this information to claim that Hidrock had defaulted on the loan in January 2020. Later that year, it took control of the property. The Hilton-operated The Central at 5th hotel opened its doors in the summer of 2021 with rooms starting at $350 per night. With the acquisition of the hotel from 54 Madison Partners, Hilton Grand Vacations has acquired its fifth timeshare hotel, a deal that enables owners to stay for a specific amount of time each year by purchasing a share in the property.