New York Landmark Essex House Hotel purchased by Dubai Investment Group

Dubai Investment Group is planning a $50 million renovation of the hotel to create a high-quality, five-star property of the Essex House. The hotel was built in 1931 and is acknowledged as one of the premier hotel locations at 160 Central Park South.

The two components of the Essex House include the 501-room Westin and a 104-room St. Regis. There are also 148 condominiums

Dubai Investment Group noted that there would be no decrease in employment at the Essex House. As a luxury hotel, the Essex House will be fully staffed as a high-service, high-quality operation.

"This investment by Dubai Investment Group represents our recognition of the economic vitality of New York City. It is emblematic of our view that New York City and its hotel industry have a very strong and vibrant economic outlook. Essex House is one of the most refined hotels of the world with a history, making it truly a landmark for New York," said Mohammed Al Gergawi, CEO of Dubai Holding, the parent company for Dubai Investment Group. "Our plan is to make the Essex House an icon that becomes the premier destination for visitors to New York City."

Strategic Hotel Capital LLC, the seller, is a private company whose principal shareholders are affiliates of Goldman, Sachs & Co. and investors advised by Prudential Real Estate Investors.

Dubai Investment Group is a member of Dubai Holding and focuses on four key investment areas: real estate, financial services, industrials and securities. In real estate, the company acquires and invests in value-add projects and transactions. The firm has offices in New York, London and Dubai.

Dubai Holding currently operates 20 companies in sectors including hospitality, tourism, real estate, technology, communications, finance, energy, health, biotechnology, research, education and humanitarianism.