While New York City hotels are still in a “depression,” according to the American Hotel & Lodging Association, they are still an attractive prospect for owners. Hotel owner-operator MCR has acquired the 725-guestroom Lexington Hotel for $185 million, which equates to $255,000 per guestroom. The hotel was purchased by MCR in a joint venture transaction with Island Capital Group and Three Wall Capital.

The Lexington Hotel, which opened in 1929 and is now part of Marriott International’s Autograph Collection, was landmarked in 2016 as one of the most architecturally significant properties in Manhattan. The property’s specialty suites are inspired by residents including Marilyn Monroe, Joe DiMaggio and Ella Fitzgerald.

The hotel is slated to reopen in August under MCR’s management.

In addition to an onsite fitness center, the hotel is connected to a new 15,000-square-foot Crunch gym. The hotel has a Starbucks on the lobby level as well as a bar. The Prohibition era-inspired The Stayton Room serves cocktails and bar fare. For meetings and events, the hotel has 3,713 square feet of event space across six rooms.