| NEW YORK
NEW YORK Aug 14 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.