March 12 (Bloomberg) -- Dubai Investment Group LLC, a financial services company owned by the emirate’s ruler, may sell the Jumeirah Essex House hotel on New York’s Central Park.
“Current global investor demand for world-class hotel assets such as Essex House provides a timely opportunity,” Fadel Al Ali, acting chief executive officer of Dubai Group, said in an e-mailed statement today. “We constantly review our portfolio of assets and will pursue asset sales in the right market conditions.”
Essex House, located on Central Park South between Sixth and Seventh avenues, was completed in 1931 and taken over by Dubai Group’s Jumeirah unit in 2006, according to the hotel’s website. The company completed a $90 million refurbishment on the 44-story, 509-room property in October 2007.
The Wall Street Journal reported the planned sale earlier, citing people familiar with the matter. The hotel could be valued at $375 million to $500 million and it will be marketed by Jones Lang LaSalle Inc., the newspaper said.
To contact the reporter on this story: Zainab Fattah in Dubai on email@example.com
To contact the editor responsible for this story: Andrew Blackman at firstname.lastname@example.org