Dealmaker: Westgate Resorts Acquires New York Hotel for $50M

Westgate Resorts, Orlando, Fla., acquired the former Hilton New York Grand Central, a 23-floor two-tower hotel on Midtown Manhattan’s East Side.

The Real Deal New York reported Westgate paid $50 million for the 300-room hotel, which it rebranded Westgate New York City.

Westgate Founder and CEO David Siegel said the acquisition is the firm’s first urban hotel. “This puts the Westgate flag in the heart of one of the most visited cities in the world, located on East 42nd Street, only a few blocks from Times Square, the United Nations and Grand Central Station,” he said.

Recognized by Historic Hotels of America, the hotel opened in 1931 and has been called The Hotel Tudor, Hilton Manhattan East and the Hilton New York Grand Central. Westgate will continue to operate it as a hotel while it is renovated. The company, which primarily operates timeshares, will also explore opportunities to add timeshare villas to the property.

Onsite amenities include a business center, fitness center and 3,500 square feet of flexible meeting space. The Westgate New York City is within blocks of the Empire State Building, the Chrysler Building, the Museum of Modern Art and Rockefeller Center.