NEW YORK CITY-The Jumeirah Essex House, the iconic 81-year-old hotel overlooking Central Park, is now up for grabs. According to the Wall Street Journal, the longtime owner of the building, Dubai Investment Group, is putting the property up for sale.

Hotel experts told the WSJ that the building could trade for $375 million to $500 million. Known for its distinctive red sign over Central Park South, the hotel was constructed in 1929 by renowned architect Frank Grad. On January 16, 2006, Dubai Investment Group—who purchased the property for $440 million under its Jumeriah Group title—took over the hotel from Nikko Hotels, who owned and managed the building since 1985. Before that, Marriott purchased the hotel in 1969.

The announcement comes at a time when trophy New York City hotels are high in demand. New data from CBRE Hotels shows that Manhattan hotel sales reached a record $3.8 billion in total volume in 2011, and is projected to be $2.5 billion this year.