Deka Immobilien invests in US with €240 mln acquisition of Marriot Hotel in New York City(US)

Deka Immobilien GmbH has acquired the Marriott East Side Hotel in New York City under a joint venture with Ashkenazy Acquisitions Corporation (AAC) for around USD270 mln (€241 mln). The seller of the four-star hotel was a real estate investment vehicle managed by Morgan Stanley Real Estate Investing. The property will be transferred to the property portfolio of the open-ended real estate fund Deka-Immobilien Global.
The 35-storey hotel was built in 1924 by architect Arthur Loomis, whose firm also designed the Empire State Building. The hotel offers 655 rooms and a conference and business centre and is centrally located on Lexington Avenue in New York's Midtown Manhattan area. The property will be operated as a Marriott Hotel under a long-term agreement.
This is the second joint venture investment Deka-ImmobilienGlobal has concluded with AAC in New York, the first being the purchase of retail space in the 522 Fifth Avenue property. The investment allows the fund to participate in the positive performance of the highest-priced hotel market in the US with the country's highest occupancy rates. It also expands the portfolio holdings in the United States, an important component of the regional allocation of Deka-ImmobilienGlobal.
Source: Deka Immobilien