Strategic Hotels & Resorts reached a deal to buy New York City's Essex House Hotel on Central Park South from an investment arm of the Dubai government for $362.3 million.
Strategic signed a 50-year management agreement with Marriott International, and the 40-story hotel will be rebranded as the JW Marriott Essex House New York. The hotel will be JW Marriott's first in Manhattan.
The acquisition is expected to close on or before Sept. 7. Upon closing, Strategic Hotels plans to spend approximately $18.3 million on property improvements, including renovations to common areas, systems upgrades and new signage.
Since Dubai bought the hotel in 2006, it has been managed by Jumeirah Group as the Jumeirah Essex House.
The hotel, which dates to 1931, was operated by Marriott from 1969 to 1984.
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