Chicago's Strategic Hotels to buy NYC's Essex House -source

Source : REUTERS
Last Updated: Tue, Aug 14, 2012 19:50 hrs

By Ilaina Jonas

NEW YORK (Reuters) - Strategic Hotels & Resorts Inc has agreed to buy the well-known New York hotel Jumeirah Essex House for about $375 million, a source familiar with the matter said on Tuesday.

The deal for the 509-room Art Deco hotel on Central Park South was sold by Dubai-based Jumeirah and is expected to close within a month, the source said.

Dubai Investment Group, Jumeirah's parent, bought the Essex House in 2005 for $423.9 million, according to real estate research and information company Real Capital Analytics. Jumeirah then spent about $90 million to refurbish it, the hotel said on its website.

(Reporting By Ilaina Jonas; editing by M.D. Golan)

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