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German Buyer Acquires Midtown Marriott

NEW YORK CITY—The 655-room unit, located in the high 40s on Lexington avenue, was sold to Deka Immobilien.

By Rayna Katz | Updated on May 06, 2015

NEW YORK CITY—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.

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