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Hilton Grand Holidays Buys Midtown Timeshare For $58M

Hilton Grand CEO Mark Wang, 12 East 48th Street and Henry Silverman of 54 Madison Partners (Hilton, Rinaldi, 54 Madison)

Hilton Grand CEO Mark Wang, 12 East 48th Avenue and Henry Silverman of 54 Madison Associates (Hilton, Rinaldi, 54 Madison)

Timeshare operator Hilton Grand Vacations now owns the internet site of its prepared club dubbed “The Central” in Midtown following shopping for the distressed home from the development’s loan company for $58 million.

The Orlando-based mostly business, which was spun out from father or mother business Hilton in 2017, bought the 161-space hotel at 12 East 48th Avenue from 54 Madison Partners, house documents filed with the town Thursday clearly show.

The purchase price tag was $58.4 million for the freshly created lodge, which the enterprise is functioning as a timeshare.

Hilton Grand had been doing the job on its timeshare options with the unique developer of the resort, Hidrock Properties. But Henry Silverman’s 54 Madison Associates, the mezzanine lender on the challenge, foreclosed on it.

“The Central at 5th has been produced from the floor up to serve as an best base for our proprietors and friends to working experience the best of Manhattan,” Hilton Grand Holidays CEO Mark Wang said in an announcement this month on the opening of the new club.

Reps for Hilton Grand Holidays and 54 Madison Companions, an affiliate of Jefferies Economic Group, could not be quickly reached for comment on the sale.