Strategic Drops $362M On Essex House; Marriott To Rebrand

Law360, New York (August 17, 2012, 9:00 PM EDT) -- Real estate investment trust Strategic Hotels & Resorts Inc. formally announced Friday that it had purchased the Essex House Hotel in Manhattan for $362.3 million and that it has reached a management agreement with Marriott International to rebrand the hotel.

Strategic Hotels is funding the purchase from Dubai Investment Group using $190 million in first mortgage financing from Bank of America and cash. An affiliate of the Chicago-based trust previously owned the hotel and sold it to Dubai Investment Group for about $440 million in 2005....
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