Island Capital Group acquires NYC’s Lexington Hotel for $185m
Island Capital Group has acquired the Lexington Hotel, a 725-room hotel located on the corner of Lexington Avenue and East 48th Street in Midtown Manhattan, in a joint venture with MCR Investors and Three Wall Capital for $185 million.
The hotel's operations will be managed by MCR under the Marriott International Autograph Collection brand.
The Lexington Hotel is an historic asset that originally opened in 1929 and was landmarked in 2016 as one of the most architecturally significant properties located along Lexington Avenue's "hotel alley." Since its opening more than 90 years ago, the Lexington Hotel has served as a home to a diverse tapestry of historic figures, international celebrities, world leaders and renowned sports icons, including Marilyn Monroe, Joe DiMaggio and Ella Fitzgerald. The hotel also has housed a number of famous entertainment venues over the years, including the legendary Hawaiian Room, Chateau Madrid, and Denim & Diamonds. This rich history