NEW YORK, July 20, 2021 /PRNewswire/ -- Island Capital
Group LLC ("Island Capital"), a leading international real estate
merchant bank that controls a diverse group of real estate services
companies engaged in fund management, principal investment, and
financial advisory and consulting services, today announced that it
has acquired the Lexington Hotel, an iconic 725-room hotel located
on the corner of Lexington Avenue and East 48th Street in the heart
of Midtown Manhattan, in a joint venture with MCR Investors LLC
("MCR") and Three Wall Capital LLC for a purchase price of
$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 has also
housed a number of famous entertainment venues over the years,
including the legendary Hawaiian Room, Chateau Madrid and Denim
& Diamonds. This rich history is reflected in the Lexington
Hotel's Autograph Collection affiliation, which offers guests
enriching and one-of-a-kind travel experiences.
"We are proud to acquire the Lexington Hotel and we are excited
about the reopening of the property as we emerge from the Covid-19
pandemic," said Andrew L. Farkas,
Managing Member, Chairman and Chief Executive Officer of Island
Capital. "The Lexington Hotel is one of the grandest properties in
New York City and combines a
wonderful legacy with world-class modern-day amenities that will
appeal to a deep pool of potential guests traveling for business or
pleasure."
Mr. Farkas added, "Importantly, we are confident that
New York City will bounce back
from what has been a very challenging time in the City's history.
We are doing our part to be a significant part of that recovery and
we are well-positioned to capitalize on the return of New York's booming hospitality industry."
The Lexington Hotel has been closed since March 2020 due to the global COVID-19 pandemic
but is targeting a Summer 2021 reopening date. As a result of its
institutional ownership and professional management over the past
few decades, the hotel is in first-class condition and is
well-positioned to quickly reopen and once again welcome guests
from around the world. In close proximity to nearly 140 million
square feet of office space as well as some of New York City's most prominent tourist
attractions, including Times Square, Grand Central and Rockefeller
Center, the Lexington Hotel is a prime destination for business and
leisure travelers alike.
About Island Capital
Island Capital Group LLC is a leading international real estate
merchant bank headquartered in New York
City that controls a diverse group of real estate services
companies engaged in fund management, principal investment, and
financial advisory and consulting services. We combine the highest
level of financial expertise with true operating experience, which
allows us to view investments more critically and to understand
complex opportunities that others do not often see. As of
June 2021, Island Capital owns and
manages approximately $5 billion of
commercial real estate around the United
States. For more information about Island Capital, please
visit www.islandcapital.com.
Contact
Prosek Partners
Mike Geller
mgeller@prosek.com / 646.818.9018
View original content to download
multimedia:https://www.prnewswire.com/news-releases/island-capital-group-acquires-lexington-hotel-one-of-new-york-citys-most-iconic-and-premier-properties-for-185-million-301337379.html
SOURCE Island Capital Group