Prominent NYC Hotel Up For Sale

Posted by Orb Staff on March 12, 2012 No Comments
Categories : Commercial Mortgage

11088_essexhouse Prominent NYC Hotel Up For Sale One of New York City's best-known hotels will soon be up for sale.

The Associated Press reports that Dubai Holding's Jumeirah Group hotel division, owner of the 44-story Essex House, has ‘appointed advisors to explore opportunities’ for the 81-year-old property. Dubai Holding is an investment company controlled by the emirate's ruler, Sheik Mohammed bin Rashid Al Maktoum.

Dubai Holding purchased the property in September 2005 from the Westin hotel chain, formally renaming it as the Jumeirah Essex House. The hotel underwent a $90 million renovation after it was purchased. However, the company has faced financial difficulties in recent years and has been selling off pieces of its U.S. commercial real estate portfolio.

The Essex House opened in 1931 on Central Park South between Sixth and Seventh Avenues, overlooking Central Park. Its distinctive rooftop ‘Essex House’ sign is a prominent fixture of the city's skyline.

(Photo courtesy OptimumPx)

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