NEW YORK CITY—Morgan Stanley Real Estate Investing has closed on the sale of the Marriott New York East Side, a 655-room hotel in Midtown East. Deka Immobilien and Ashkenazy Acquisition Corp. purchased the asset for $270 million.
Managing director Jeffrey Davis and EVP Gilda Perez-Alvarado led a JLL Hotels & Hospitality Group team on the transaction.
“The Lexington Avenue corridor is going through some dynamic changes such as the reduced key count of the acclaimed Waldorf Astoria and the total renovation of the InterContinental Barclay, both of which should bode well the future performance of the Marriott East Side,” says Davis.
Adds Perez-Alvarado, “The Marriott New York East Side is one of the most renowned hotels in New York's market. The transaction attracted strong interest from both off-shore and domestic investors given the high quality of the asset, its product positioning and tremendous upside potential."
The hotel features 655 guestrooms and eight suites, 18,000 square feet of meeting space, two food and beverage outlets and a 24-hour fitness center. The asset is located in Manhattan's largest office corridor, near top entertainment and cultural attractions.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
