DiamondRock Hospitality Co. Sells Midtown Manhattan Hotel For $185.3M

DiamondRock Hospitality Co. has sold a hotel property located at 511 Lexington Avenue in Midtown Manhattan. The property, with a total square footage of 314,520, was sold for a price of $185,300,000, resulting in a price per square foot of $589. The hotel features 725 keys, making the price per key approximately $256,000.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $185,300,000
• Address: 511 Lexington Avenue
• Market: Midtown Manhattan
• Square Footage: 314,520
• Price per Square Foot: $589
• Keys: 725
• Price per Key: $256,000

The seller in this transaction was DiamondRock Hospitality Co. The deal was completed on June 22, 2021, and the image associated with the property was taken by Mark Brugger.