First off, I bought this towel stand not for the purpose of holding towels, but rather as a valet for hanging my pants on in my retreat room/bedroom. I keep it behind the door so it isn’t seen except when the door is closed, which is seldom. 
I bought it on sale for about $31
It was easy enough to put together and I like the sleek design, however it is not very sturdy and I don’t think it would hold 3 towels well, never mind a wet ones that need to be spread out to dry. 
The item had some scratches on the finish straight from the box and after only a couple of days of minimal use, I’m finding tiny shavings of the finish on the floor.  Very poor quality and definitely NOT worth the full price that it is now selling for.  I’ll keep it because it isn’t in a noticeable place and it serves the purpose for which I intended, however, I certainly don’t recommend it if you are looking for a quality item that will be on display.