MCR, Three Wall Capital and the Island Capital Group have formed a joint venture to acquire The Lexington Hotel, Autograph Collection by Marriott for $185 million. The property has 725 guest rooms, equating to a sales price of $225,000 per door.
Like many hotel properties, The Lexington Hotel was shuttered during the pandemic. It is scheduled to reopen in August, and the new ownership says that the property is on track to hit that goal.
The Lexington Hotel has a notable history. Originally built in 1929, the property has hosted some of the most iconic celebrities, including Marilyn Monroe and Joe DiMaggio and Ella Fitzgerald. It features a 15,000-square-foot state of the art Crunch gym, a Starbucks on the lobby level and 3,713 square feet of event space across six rooms.
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Kelsi Maree Borland
