Strategic To Pay Up To $400M To Snag Back Essex House

Law360, New York (August 14, 2012, 8:10 PM EDT) -- Chicago real estate investment trust Strategic Hotels & Resorts Inc. has bought back the debt-laden Jumeirah Essex House in Manhattan at a gain for between $350 million and $400 million from Dubai Investment Group, according to Tuesday reports.

The deal gives the property back to the trust at less than the nearly $450 million it received in its 2005 sale, according to reports by Crain's. The sovereign wealth fund, which has funneled $90 million worth of renovations into the iconic hotel since then, had about $180...
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