Dubai Investment Group said it has reached a deal with Chicago-based REIT Strategic Hotels & Resorts to sell The Jumeirah Essex House, the iconic 81-year-old hotel overlooking Central Park in New York, for $362.3 million.
The transaction is likely to be closed before September 7,
A diversified UAE investment holding company, Dubai Investment Group had purchased the property for $440 million through its Jumeriah Group in 2006.
The transaction equates to a purchase price of approximately $685,000 per unit based on 518 units, including 509 guest rooms and nine condominiums.
As part of the deal, the REIT plans to rebrand the hotel as a JW Marriott, making it the second time Essex House has flown the Marriott flag in the property’s history.
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