Seven years ago, UBS bought a luxury hotel in Manhattan. Now, the house is up for sale again – and UBS is due for a handsome profit.
The Buckingham Hotel on 101 West 57th Street has a name exuding prestige and luxury. A clientele that included Marc Chagall and opera singer Giovanni Martinelli is proof of a rich past.
Switzerland’s UBS bought the hotel in 2010 through UBS Realty Investors for $60 million. Two years later, the company opened a new hotel in building from the 1920s. The Buckingham Hotel was turned into boutique hotel Quin, with 208 rooms, a bar, a restaurant and a magnificent rooftop terrace (see below).
True to its heritage, the Quin offered its walls to artist for exhibitions.
Handsome Profit
UBS of course is a bank and in the business to make profit, not display art. It has put the Quin up for sale and may make as much as $200 million, according to «The Real Deal» property magazine.
That wouldn’t be too bad, given that the Swiss bank has tried to get rid of the Quin for the best of a year already. There hasn’t been a deal though, partially because of jittery markets.
Hotels in Manhattan are struggling with over-capacities in the industry, affecting their ability to keep prices up. Donald Trump’s attempts to ban some foreign citizens from entering the country may not provide much real help.
