A high-profile Manhattan hotel has sold for $285 million. Dubai-based investment firm Istithmar bought the W Hotel Union Square, a luxury property located on East 17th street. The W Hotel deal represents the fifth time that Istithmar has bought a major Manhattan property in recent years. Earlier this year, Istithmar bought the Knickerbocker Hotel at Times Square, 280 Park Avenue and 450 Lexington Avenue.

“W Hotel Union Square is a premier property in one of the world’s most recognized locations,” says Joe Sita, CEO at Istithmar Hotels. “This is a unique flagship property that generates cash year after year with significant real estate value.”

The W Hotel Union Square has 207 rooms. The hotel features a Todd English restaurant and a Rande Gerber operated lounge.