There are several questions here why IISExpress does not launch. The answers I found did not help. But I found the answer myself. This post may help others resolve the issue.
Behavior: You open a web project you copied from somebody else in Visual Studio 2015. You cannot select Browsers and when you start using F5 you get a message that says
Unable to launch the IIS Express Web server.
There is no indication why. Deleting applicationHost.config does not help, restarting / reinstalling etc. does not help either. Admin mode doesn't matter and a new project an the target machine works as expected.