Germany’s Deka Immobilien has acquired the 655-room Marriott East Side Hotel for $270 million—or approximately $412,000 per unit—under a joint venture with Ashkenazy Acquisition Corp. This is Deka’s first hotel acquisition in the Americas. The seller of the four-star hotel was Morgan Stanley.
The 35-story hotel, located at 525 Lexington Ave., was built in 1924 by architect Arthur Loomis, whose firm also designed the Empire State Building. The property includes a conference and business center and it is centrally located in Midtown, between 48th and 49th streets. The property will be operated as a Marriott hotel under a long-term agreement.
Savills Studley’s US Cross Border Investment team, led by executive managing director Robert Stamm, advised Deka on the acquisition. JLL advised Morgan Stanley in the transaction...German Buyer Acquires Midtown Marriott
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