NEW YORK CITY-The Jumeirah Essex House, the iconic 81-year-old hotel overlooking Central Park, will officially change hands this fall. Chicago-based REIT Strategic Hotels & Resorts, Inc. has signed an agreement to purchase the landmark building from Dubai Investment Group for $362.3 million, expected to close on or before Sept. 7, the company unveiled officially on Friday.

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.

In a statement, Laurence Geller, president and CEO of Strategic Hotels, says the combination of the Essex House Central Park South location and the REIT’s relationship with Marriott "clearly positions" the hotel for success. “We will continue to evaluate and act upon prudent hotel investments that complement our portfolio and create shareholder value,” he adds.