Five years after selling the Essex House, one of the most prominent hotels in New York City, Chicago-based Strategic Hotels & Resorts has repurchased the property seven years after selling it.
According to a report in Crain's New York Business, the company sold the hotel in 2005 to Dubai Holding for $440 million and is reportedly repurchasing it for between $350 million and $400 million. Dubai Holding renamed the 44-story, 509-room hotel the Jumeirah Essex House and spent approximately $90 million on renovations.
In March, Dubai Holding appointed advisors to explore opportunities for selling the hotel. Dubai Holding is an investment company controlled by the emirate's ruler, Sheik Mohammed bin Rashid Al Maktoum.
The Essex House opened in 1931 on Central Park South between Sixth and Seventh Avenues, overlooking Central Park. Its distinctive rooftop ‘Essex House’ sign is a prominent fixture of the city's skyline.
(Photo courtesy OptimumPx)
