Essex House was owned by Jumeriah, part of Dubai Investment Group, for seven years and is the second notorious NYC hotel, following the Plaza's purchase last month, to switch hands this summer.
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.