Dubai Fund Seeks $500M In NY Hotel Sale

Law360, New York (March 12, 2012, 2:49 PM EDT) -- A Dubai sovereign wealth fund is looking to sell the iconic Jumeirah Essex House hotel in New York and could get more than $500 million for the property because of the increasingly strong hotel market in the city, a senior real estate attorney said Monday.

Dubai Investment Group, the multibillion-dollar fund that is a subsidiary of state-owned Dubai Holding, put the hotel on the market last week. A person close to the situation said the 509-room hotel on Central Park South in Manhattan could get upward...
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