October 3, 2016
Deka Immobilien and Askenazy Acquisition are putting the 655-key New York Marriott East Side up for sale, 18 months after buying the asset for $270 million. Colliers International is shopping around the 35-story hotel at 525 Lexington Ave.
The joint venture acquired the hotel in May of last year from Morgan Stanley Real Estate’s Prime Property Fund. The deal was Germany-based Deka Immobilien’s first in the Americas.
A local source noted that the hotel could trade for the same price at which it was acquired, as the hotel market is softer, and tourists tend to want to stay at newer hotels in trendier neighborhoods. The property was built in 1924 and designed by Arthur Loomis Harmon, who also designed the Empire State Building.
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