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Dubai Group Closes on $500M Essex House Sale

NEW YORK CITY-The Dubai Group today closes on its acquisition of the Essex House. Strategic Hotel was the seller of the 605-room hotel on Central Park South.

By Barbara Jarvie | Updated on September 08, 2005

NEW YORK CITY-In one of the largest hotel deals in the city, the Dubai Investment Group has closed on its acquisition of the Essex House. Sources tell GlobeSt.com the purchase price was approximately $500 million. Strategic Hotel Capital was the seller. DIG is planning a $50-million renovation.

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.

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