The Lexington Hotel in NYC purchased for $185M

In a joint venture, MCR, Island Capital Group and Three Wall Capital LLC have acquired the 725-room The Lexington Hotel, Autograph Collection by Marriott, for $185 million, which equates to $255,000 per guestroom.

Located along Lexington Ave.’s Hotel Alley at 48th St., the hotel was landmarked in 2016 as one of the most architecturally significant properties in Manhattan. Since its opening in 1929, The Lexington Hotel has housed historic figures, international celebrities, world leaders and sports icons. Specialty suites are inspired by residents including Marilyn Monroe and Joe DiMaggio, and Ella Fitzgerald. The hotel has also held an array of famous entertainment venues, including the legendary Hawaiian Room, Chateau Madrid and Denim & Diamonds, in the past.

The Lexington’s Autograph Collection affiliation allows the hotel’s rich history to be reflected through unique design elements and a boutique feel, according to the buyers. The hotel is well-positioned to reopen in August and will be under MCR’s management.

In addition to an onsite fitness center, the hotel is connected to a new 15,000-sq.-ft. Crunch gym.