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Ashkenazy Buying New York East Side Marriot for $290 Million

New York East Side Marriot

Ashkenazy Acquisitions is set to buy the New York East Side Marriot Hotel for $290 million from Morgan Stanley’s Prime Property Fund, the New York Post has reported.

The price comes to $443, 000 per room for the 655 room hotel located at the eastern block front of Lexington Avenue between East 48th and 49th streets.

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The current owners acquired the hotel in 2005 for $284 million. That amounts to little more than a 2% profit for the sellers in spite of New York’s hot real estate market.

Built in 1924 and recently renovated, the hotel features 18, 000 square feet of recently updated venue space, as well as the services of an experienced onsite planning team. There is a modern fitness center on the top floor which is open 24 hours a day and a club lounge on the second floor. It I located right near Grand Central Station and the Chrysler Building.

Its new 525LEX restaurant showcases updated comfort food for breakfast and dinner.

The guest rooms feature 300-thread-count linens, a down duvet, plump pillows and 32-inch flat-screen HDTVs. Plug-in panels let guests connect their MP3 players, cameras, or laptops to the TV. Wireless and wired high-speed Internet access is available for a surcharge, and the desk comes with an ergonomic chair.

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