Dubai Investment Group, Dubai, United Arab Emirates, is selling the historic Jumeirah Essex House hotel, located on the edge of Central Park in New York City.
The 515-room Art Deco hotel was built in 1931. It is 44 stories tall and its signature red neon sign is on the building’s roof. In light of the US$10 billion in debt it is looking to refinance, Dubai Group, the parent company of Dubai Investment Group, said it is a good time for a sale.
“Current global investor demand for world-class hotel assets such as Essex House provides a timely opportunity,” said Fadel Al Ali, Dubai Group CEO.
Dubai Group is a subsidiary of Dubai Holding is majority owned by Sheik Mohammed bin Rashid Al Maktoum, the absolute ruler of Dubai.
The Wall Street Journal reported on Sunday that people familiar with the matter said that while Dubai Investment Group may accept offers to refinance or recapitalize the property, it is most likely to sell it instead and that the going price could be between US$375 million and US$500 million.