Former NY Marriott East Side Hotel Trades to Partnership
A joint venture of Hawkins Way Capital and Värde Partners has acquired 525 Lexington Ave., formerly the 655-key New York Marriott East Side. Although the sale price wasn’t disclosed, Green Street reported last year that the landmarked property was expected to fetch less than the $270 million paid by Ashkenazy Acquisition Corporation and Deka Immobilien in 2015.
“525 Lexington represents a compelling opportunity to increase our footprint in the heart of Manhattan at a favorable basis,” said Ross Walker, Hawkins Way Capital’s co-founder and managing partner. “We believe the property will benefit from an injection of fresh equity and perspective to help weather economic and financial market headwinds and remain bullish on long-term growth and a sustained recovery of the New York market in general.”
525 Lexington will be integrated into a nationwide network of more than 5,700 units and 9,500 beds managed by Hawkins Way’s affiliated property management company.