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Westgate Resorts pays $50M for Hilton-brand NY hotel

Westgate Resorts Ltd. acquired the plot that used to house the former Hilton New York Grand Central hotel, marking the company's first urban hotel transaction, The Real Deal reported, citing Westgate CEO David Siegel.

The Florida-headquartered themed resort owner purchased the 300-room, 23-floor dual-tower hotel at New York's 304 East 42nd St. for $50 million from Lone Star Funds-linked Tudor Equity Associates LP, sources with knowledge of the matter told the publication.

Additionally, Westgate will rebrand the hotel to Westgate New York City and will be carrying out major remodeling work on the asset, which will not halt its hotel operations, according to the June 7 report.

The hotel was first put up for sale in October 2017, with bids anticipated to hit the $75 million mark, firmer than the eventual sale price. Previous owner Procaccianti Group was said to have forked out $109 million for the asset in pre-financial-crisis 2007, the report added.

The transaction was brokered by Cushman & Wakefield, which represented the seller.