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FINANCIAL NEWS
Dubai Investment Group agrees to sell NY hotel for USD362.3m
19 Aug 2012
(MENAFN) Dubai Investment Group agreed to sell Jumeirah Essex House Hotel in Manhattan to Chicago-based Strategic Hotels & Resorts for 362.3 million, Arab News reported.
The 40-floors tower, offering commanding views of Central Park, is considered among the most luxurious in Manhattan.
The transaction value includes 509 hotel rooms, nine condominium units and significant hotel-level cash reserves, Strategic Hotels said.
The deal is subject to the satisfaction of customary closing conditions, and is expected to close on or before September 7.
It is worth mentioning that an affiliate of Strategic Hotels previously owned the Essex House Hotel, having sold it to the Dubai Investment Group in 2005.
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