The 605-room hotel on Central Park South currently bears two brands: Westin and St. Regis. The new owners intend to renovate and rebrand the site under the Jumeirah brand. A source tells GlobeSt.com they are looking to expand the luxury hotel brand and intend to hire more people at the Essex House. Other sites currently under the Jumeirah flag include Burj A Burj Al Arab, which is the world's tallest all-suite hotel, the Jumeirah Beach Hotel, London's Carlton Tower and Lowndes Hotel. Plans call for approximately 15% of the rooms to be converted to condominiums, with the remaining 85% remaining a hotel operation. There are currently 148 private residential condominiums located throughout the building and individually owned, 139 were not be included in the sale.

Earlier this year, in a joint venture with locally based Milestone Group, Dubai acquired a $1-billion multifamily portfolio of more than 21,000 apartments throughout the US from Olympus Real Estate Partners. At that time, Robert Landin, a Milestone partner told GlobeSt.com, "From Dubai's standpoint, this transaction is a coming-out party for them. They're looking to expand their presence all across the US in various product types."

DIG, an affiliate of Dubai Holding LLC, was formerly known as the Investment Office and rebranded to incorporate and promote its tie to Dubai. DIG began investing in the US real estate market in 2003 through its wholly owned subsidiary, Longwing Real Estate Ventures. Strategic Hotel is a private company whose principal shareholders are affiliates of Goldman, Sachs & Co. and investors advised by Prudential Real Estate Investors.