Dubai company will sell hotel in New York for US $ 362 million

Chicago-based Strategic Hotels & Resorts acquires Jumeirah Essex House Hotel, located in Manhattan, New York, for US $ 362.2 million.

This agreement was signed with Dubai Investment Group. The hotel includes 509 rooms, 9 condominiums and substantial cash reserves, the official statement said. The transaction will be fully completed by September 7 of this year.

It is worth recalling that the Dubai Investment Group bought the Essex House hotel in 2005 for US $ 423.9 million, according to Real Capital Analytics. The new buyer plans to invest about US $ 18.3 million in the reconstruction of the hotel. This property, built back in 1931, will operate under the brand name JW Marriott and will be the first hotel of this chain in Manhattan. In total, Strategic Hotels & Resorts owns 17 hospitality facilities with a total number of 7762 rooms.

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