Ashkenazy Acquisition and Deka Immobilien put the New York Marriott East Side hotel on the market a mere 17 months after buying.
A source told the Commercial Observer that the sellers are unlikely to get more than the $270 million they paid for the 525 Lexington Avenue property in May 2015, thanks to a slowing hotel market.
Built in 1924, the landmarked building spans 319,319 square feet and includes 655 hotel rooms and the 525LEX restaurant. According to offering materials, the building “benefited from $56 million ($85,000 per key) of recent capital expenditures.”
In June, The Real Deal examined New York’s hotel sectors to see how they’re staying competitive in an overbuilt market. [CO] — Konrad Putzier