Latest Island Capital News
Aug 30, 2021
Fried Frank acted as counsel to MCR Development in the deal. MCR Development, with its joint venture with Island Capital and Three Wall Capital, executed its US$185 million acquisition of the Lexington Hotel from DiamondRock Hospitality Company. MCR Development will manage the operations of the hotel under the Marriott International Autograph Collection brand. The landmarked, 725-room hotel is located at 511 Lexington Avenue in New York City. The iconic Lexington 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 renowned sports icons. MCR is the 4th-largest hotel owner-operator in the United States with a $4.0 billion portfolio of 110 premium-branded hotels containing more than 15,000 guestrooms across 33 states and 80 cities. Founded in 2006, the firm has offices in New York City, Dallas, Chicago and Richmond, Virginia. Island Capital is a global real estate oriented merchant bank with synergistic Investing and Advisory platforms. Founded in 2008, Three Wall Capital is a hospitality equity and debt investment group for institutional and individual investors. The Fried Frank team included corporate real estate partner Patrick M. Dowd (Picture), real estate partners Jonathan L. Mechanic and Avi David Feinberg, tax partner Libin Zhang, corporate real estate associate William Kelly, and real estate associate Brian Helweil.