Hawkins Way Capital, Värde Partners buy Midtown hotel
Hawkins Way Capital, in a joint venture with Värde Partners, has acquired 525 Lexington Avenue in Midtown Manhattan, comprising a 655-room, 406,261-square-foot tower across 35 stories.
The financial terms were not disclosed.
A designated landmark building, the 1924-built property previously operated as a Marriott International branded hotel focused on corporate and business travel before closing at the onset of the COVID-19 pandemic.
"525 Lexington represents a compelling opportunity to increase our footprint in the heart of Manhattan at a favorable basis. We believe the property will benefit from an injection of fresh equity and perspective to help weather economic and financial market headwinds and remain bullish on long-term growth and a sustained recovery of the New York market in general," said Ross Walker, Hawkins Way Capital's co-founder and managing partner. "We look forward to continuing to structure viable exit opportunities for existing landlords and