Arab Today, arab today dubai group to sell new york landmark essex house
Last Updated : GMT 19:07:10
Arab Today, arab today
Arab Today, arab today

Dubai Group to sell New York landmark Essex House

Arab Today, arab today

Arab Today, arab today Dubai Group to sell New York landmark Essex House

Dubai - Arabstoday

Dubai Group is putting the historic Jumeirah Essex House hotel in New York up for sale. \"We constantly review our portfolio of assets and will pursue asset sales in the right market conditions,\" said Fadel Al Ali, the acting chief executive of Dubai Group. \"Current global investor demand for world-class hotel assets such as Essex House provides a timely opportunity to capitalise on the repositioning and operational improvements executed by our team.\" He said the hotel, located on Central Park South in Manhattan, had been \"an important part\" of Dubai Group\'s property portfolio for the past seven years. The 509-room hotel first opened in 1931. A recent report by the property consultancy Jones Lang LaSalle stated that the volume of hotel transactions in New York reached an all-time high last year, with nearly US$3.5 billion (Dh12.85bn) of assets traded. \"Based on assets in various stages of the disposition process, hotel deal volume in New York City is expected to range from $2.2bn to $2.6bn in 2012, representing approximately 15 per cent of America\'s total transaction volume,\" according to the report. \"While this pace represents a softening on the record 2011 levels, New York is expected to continue to be the most liquid hotel market in the world.\" The move comes as the Dubai investment firm continues to grapple with $10bn of debt. Dubai Group is part of Dubai Holding, a conglomerate owned by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai. It appointed a creditors\' committee in November 2010 to start talks to delay debt repayments. Dubai Group stopped interest payments to creditors in August 2010 to make time to dispose of assets. However, in November, the group said the euro-zone crisis was hampering its efforts to find buyers. In December, Dubai Investment Group, a subsidiary of Dubai Group, appointed Silverpeak, an investment adviser, to manage its $1.1bn property portfolio. Dubai Group owns stakes in financial services companies through various arms of its business, including EFG-Hermes and Borse Dubai, as well as shopping centres and offices in the US, Europe and Asia. The group declined to comment on any other asset sales it might be considering. Jumeirah Group, a luxury hotel operator that is also part of Dubai Holding, hopes to retain its management of Essex House if it is sold on. \"Jumeirah Group has been informed that the owner of the Essex House has appointed advisers to explore opportunities with regard to this property in New York,\" said Piers Schreiber, the vice president of corporate communications for Jumeirah Group.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai group to sell new york landmark essex house Arab Today, arab today dubai group to sell new york landmark essex house

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday