A joint venture of international real estate merchant bank Island Capital Group LLC, MCR Investors LLC and Three Wall Capital LLC has acquired the Lexington Hotel, the 725-room hotel located on the corner of Lexington Avenue and East 48th Street, for $185 million. The hotel’s operations will be managed by MCR under the Marriott International Autograph Collection brand.
“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 CEO 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.”
The Lexington Hotel has been closed since March 2020 due to the COVID-19 pandemic but is targeting an August reopening date. In addition to an onsite fitness center, the hotel is connected to a new, state-of-the-art, 15,000-square-foot Crunch gym featuring cardio equipment, weights, full-service locker rooms, Rituals beauty products and group fitness classes.
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.” The 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.