By: Benyamin Davidsons
New York City timeshares are rebounding, as visitors start trickling back into the city.
Following the devastation caused by the pandemic, the city’s timeshare industry is bouncing back with two new high-end developments added. The Central at 5th by Hilton Club, a 34-story new-construction tower, at 12 E. 48th Street, will open this year. Its sister building, the Quin by Hilton Club, already opened at the end of June. Located at 101 W. 57th St. on Billionaire’s Row the independently owned hotel was converted into a best-in-class timeshare property following a $50 million-plus renovation, which lasted a year.
The Quin is now Hilton Grand Vacations’ NYC flagship, featuring newly expanded penthouses with outdoor terraces. Entry level pricing at the Quin starts at $32,000 for a 300-square-foot studio. “This may well be the most exciting period of growth for us in the city since we entered the market,” said Hilton Grand Vacations executive vice president and COO Gordon Gurnik. “As the cost per square foot of owning an apartment outright in New York City has continued to rise, there are many advantages to considering timeshare as an option.”
“Our investments in The Quin by Hilton Club and The Central at 5th by Hilton Club signal our confidence in the rebounding travel industry and long-term demand for timeshare ownership in NYC and beyond,” said Mark Wang, president and CEO of Hilton Grand Vacations. “The timeshare business model continuously proves itself to be remarkably resilient during challenging times, just as New York City itself has proved resilient on so many occasions – emerging stronger than ever after each time. We’re proud to expand our diverse property portfolio in the nation’s cultural and financial capital.”
Other NYC timeshare leaders are also saying they are experiencing an uptick in the market. Club Wyndham’s Midtown 45, which opened in 2012 as a subsidiary of Wyndham Destinations, the world’s largest timeshare business, is seeing fresh interest since the city opened back up. “Sales this year are up 30% on 2019,” said Michael Brown, CEO of Travel + Leisure Co., Wyndham Destinations’ parent company. “It’s a pied-à-terre without the high cost of purchasing real estate. The costs are transparent and you can match your expense to usage.”
Similarly, The Phillips Club, which offers deeded fractional ownership in Lincoln Square, also noted the improvement. “From March 2020 to February of this year, we were basically dormant,” said Ed Schnatterly, the Phillips Club’s director of sales. “Then boom! People have jumped on lower pricing, which is already going up since January lows.”
