Hilton to build NY property

But it won't be a hotel. It will be a timeshare, developed through the company's Hilton Grand Vacations Co. division. The 28-story property on West 57th St. between 6th and 7th Avenues marks the first time a building designed exclusively for timeshare accommodations has ever gone up in Manhattan. Timeshares are still not a huge source of revenue for Beverly Hills-based Hilton, but growth has been considerable, with 2005 revenues of $554 million, up 32 percent from a year earlier. Profits in the first half of 2006 were up 20 percent. Several of the major chains have taken a liking to time shares, mostly through properties near existing resorts. Hilton's effort in New York would seem to take the concept a step beyond.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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