Essex House returns to previous owners in $350M-plus deal

New York /
Aug.August 14, 2012 02:30 PM

After a seven year hiatus, Chicago-based Strategic Hotels & Resorts is regaining ownership of the Jumeirah Essex House on Central Park South. According to Crain’s, the firm paid Dubai Investment Group between $350 million and $400 million for the 509-room property at 160 Central Park South.

Dubai had purchased it from Strategic in 2005 for about $440 million, but put it on the sales market in March after handing over management duties of its 30-property portfolio to Silverpeak Real Estate Partners, a firm founded by Mark Walsh, the former head of Lehman Brothers’ real estate group. Walsh commissioned Jones Lang Lasalle to market the property, which was expected to fetch as much as $1 million per room.

After purchasing the circa-1931 Jumeirah Essex House, located between Sixth and Seventh avenues, Dubai poured $90 million into renovating it and converted some of the most valuable rooms to condominiums. The exact number of conversions is unclear, but in 2007 The Real Deal reported that there were 35 condo units in the building selling for between $1 million and $5 million.

Strategic owns 17 luxury hotels and resorts, and the Essex House would represent its sole holding in the city. [Crain’s]Adam Fusfeld


Related Articles

arrow_forward_ios
(iStock)
Job recovery sputters, but hospitality & leisure add hiring
Job recovery sputters, but hospitality & leisure add hiring
Ron Burkle and Andrew Zobler with The NoMad New York. (Google Maps, Getty)
NoMad Hotel heads back to the auction block
NoMad Hotel heads back to the auction block
Jeff Sutton and 25 West 34th St. (Wharton Properties, Google Maps)
Jeff Sutton will replace Midtown retail space with hotel
Jeff Sutton will replace Midtown retail space with hotel
The Plaza Hotel, St. Regis Hotel, and Waldorf Astoria (iStock)
Outlook for hotels improves — from awful to merely bad
Outlook for hotels improves — from awful to merely bad
Sonder co-founder Francis Davidson (Sonder, iStock)
Sonder will merge with SPAC to go public
Sonder will merge with SPAC to go public
It may not be so easy to book a vacation this year: Rental listings are flying off the market, and prices are soaring. (iStock)
Bonkers season on tap for summer vacation rentals
Bonkers season on tap for summer vacation rentals
135-25 Northern Boulevard and 300 West 30th Street (Google Maps, Studio C Architects)
Self-storage company buys dev site from Home Depot
Self-storage company buys dev site from Home Depot
The Watson Hotel at 440 West 57th Street (Google Maps)
Developers already eyeing commercial-to-resi conversions
Developers already eyeing commercial-to-resi conversions
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...