NEW YORK—Strategic Hotels & Resorts has closed, as planned, on the sale of the 509-room Essex House Hotel located at 160 Central Park South in Manhattan. Jones Lang LaSalle Hotels arranged the sale on behalf of the seller, DubaiGroup, and also secured the acquisition financing on behalf of the purchaser.
Arthur Adler, Managing Director and CEO of Jones Lang LaSalle, Americas; Managing Director Jeffrey Davis and Senior Vice President Gilda Perez-Alvarado led the Jones Lang LaSalle Hotels team on this transaction. Mathew Comfort, Executive Vice President of the firm's Real Estate Investment Banking group, led the team on the acquisition financing.
Morrison & Foerster L.L.P.’s Mark Edelstein, Jeffrey Temple, Keith Print and James Pincow provided legal counsel to the seller.
Comprised of 40 floors, Essex House Hotel provides views of Central Park and has hosted dignitaries and celebrities since it opened in 1931. In 2007, the property underwent a $90 million renovation and today includes amenities including a full-service spa and fitness center, a fine-dining restaurant and meeting and event spaces.