Dubai Investment Group sells Jumeirah Essex House for almost $400M
In 2005, Strategic Hotels & Resorts sold the Jumeirah Essex House for the princely sum of $440 million to the Dubai Investment Group. Dubai Inv. ramped up the value of the building by committing over $90M for renovations and converted some of the best apartments into condominiums. Now after 7 years Dubai Inv. has sold the building to the exact same organization, which sold it to Dubai in first place. At first sight it sounds like an amazing deal for Strategic Hotels & Resorts but it should be considered that Dubai Inv. sold many of the converted condominiums, which reduced the value of the building itself as a hotel and rental. The pictures above are both CEO's Fadel Al Ali and Laurence Geller.
The Jumeirah Essex House designed by famous architect Costas Kondylis, is a full service first class luxury building just across Central Park at 160 Central Park South.