German investor buys NYC hotel
Germany-based Deka Immobilien has paid $270 million for the Marriott East Side Hotel in New York City, under a joint venture with Ashkenazy Acquisition Corp. The seller of the four-star hotel was Morgan Stanley.
This is Deka’s first hotel acquisition in the Americas.
The 35-story hotel, located at 525 Lexington Ave., was built in 1924. The property comprises 655 rooms and a conference and business center, and is centrally located in midtown Manhattan. The property will be operated as a Marriott hotel under a long-term agreement.
This is the second joint venture investment Deka has made with Ashkenazy in New York City; the first being the purchase of the retail condominium at 522 Fifth Ave. in September 2014 for $165 million.
The investment allows Deka to participate in the positive performance of the most active hotel market in the United States. In the first quarter,