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New York

Dubai firm to buy TW Center hotel

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A firm owned by the government of Dubai will purchase the New York branch of the Mandarin Oriental Hotel for about $400 million. As first reported by The Real Deal, Dubai-based holding company Istithmar plans to purchase the 251-room hotel in the Time Warner Center from The Related Companies for $1.6 million per room. This number easily surpasses the city’s previous per-room price record, set by Istithmar when it purchased the W Union Square Hotel for $285 million, or $1 million per room, earlier this year. more [NYP]