(MENAFN) Dubai Investments Group (DIG) has finalised the process of transferring ownership of the New York's Jumeirah Essex House to Strategic Hotels & Resorts (SHR), it was reported recently.
DIG, part of Jumeirah Group's parent company Dubai Holding, bought the Essex House for USD423.9 million in 2005, according to Real Capital Analytics.
SHR said the hotel, which will be rebranded a JW Marriott property, established a joint venture agreement with an affiliate of KSL Capital Partners, to fund the USD362.3 million acquisition, the reports said.
SHR, will own 51 percent of the joint venture, along with its partners, and will carry out a USD18.3 million refurbishment of the iconic Central Park property.
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