Foley Guides Hilton in $175M Hotel Deal

Foley represented Hilton Grand Vacations in its $175 million acquisition of a 208-room New York City hotel that it plans to convert into 212 “urban vacation” units.

Orlando, Florida-based Hilton Grand Vacations, which was spun out of Hilton Worldwide Holdings as a separate company in 2017, said the purchase plays a part in the company’s continuing expansion of its urban vacation portfolio offerings for club members.

“Adding high-quality properties in desirable destinations is a key component in advancing our strategic priorities,” Mark Wang, president and CEO of Hilton Grand Vacations, told Law360 in a report about the deal.

The midtown Manhattan luxury hotel will remain open during its conversion into timeshare studios and one- and two-bedroom units, with timeshare sales expected to get underway by the fourth quarter of 2019.

Foley partner Matthew Jassak, along with associates Jasmine Esmailbegui and Nicholas Kitzman, represented Hilton Grand Vacations in the transaction.