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Strategic Buys Remaining 49% of Manhattan’s Essex House

Strategic Hotels & Resorts Inc. bought the remaining 49 percent stake in Manhattan’s JW Marriott Essex House for $84.6 million in stock.

The real estate investment trust already owned 51 percent of the hotel in a joint venture with KSL Capital Partners LLC. Affiliates of KSL will be issued about 6.6 million shares of Strategic priced at $12.82 a share, the Chicago-based REIT said in a statement Wednesday. The deal values the property, including the 541-room luxury hotel, three owned condominiums and debt, at about $397.6 million.