The Dubai owner of Jumeirah Essex House, the art deco hotel perched prominently on the edge of New York's Central Park, said Monday it is putting the property up for sale.
A subsidiary of the Dubai Holding investment company controlled by the emirate's ruler bought the 44-story luxury hotel in September 2005. It has been managed by a sister company, 
Dubai Holding's Jumeirah Group hotel division, since shortly after the Hotel Acquisition.
160 Central Park South, New York, NY 10019
The Wall Street Journal reported that the 509-room hotel, which sits on the south end of Central Park, may get bids as high as $500 million.
Dubai Investment Group acquired the property in 2006 and renovated much of its interior in 2010.
The Essex House, which opened as the Park Tower Hotel in 1931, was a Marriott hotel at one time. The Luxury Central Park Hotel also has operated under the Westin flag.
Essex House opened in 1931 at the southern end of Central Park, between Sixth and Seventh avenues. Its red rooftop "Essex House" sign has made the hotel a Manhattan landmark for decades
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And 3,000 new rooms are in construction in Manhattan alone -- a total that rises to more than 5,200 including projects planned but not yet out of the ground.
Remarkably, the run-up in rooms occurred even as some large older properties were demolished (The Drake), significantly downsized (The Plaza) or converted to apartments (The Stanhope).
And 3,000 new rooms are in construction in Manhattan alone -- a total that rises to more than 5,200 including projects planned but not yet out of the ground.
Remarkably, the run-up in rooms occurred even as some large older properties were demolished (The Drake), significantly downsized (The Plaza) or converted to apartments (The Stanhope).
And 3,000 new rooms are in construction in Manhattan alone -- a total that rises to more than 5,200 including projects planned but not yet out of the ground.
Remarkably, the run-up in rooms occurred even as some large older properties were demolished (The Drake), significantly downsized (The Plaza) or converted to apartments (The Stanhope).
A $96.6 million loan backed by Manhattan’s Roosevelt Hotel, a high-end property near Grand Central Terminal, was put on watch list by its master servicer this month, according to data compiled by Bloomberg.
Article Source: http://www.bloomberg.com/news/2011-09-15/loan-backed-by-new-york-s-roosevelt-hotel-on-servicer-watch-list.html
http://www.theroosevelthotel.com
The master servicer is Wells Fargo & Co. and the sponsor is PIA Investments Ltd., the investment arm of Pakistan International Airlines, Bloomberg data show. The loan matures on Nov. 9 and was added to the watch list on Sept. 9, according to Morningstar Inc. (MORN)’s Structured Credit Ratings business.
Revenue from the hotel’s 1,015 rooms dropped to $57.7 million in 2009 from $81 million the previous year because of the slowdown in the economy and a decline in business travel demand, Morningstar said in an e-mailed note. Net cash flow decreased to $7.8 million in 2009 and 2010 from $30.1 million in 2008, according to Chicago-based Morningstar.
“We are concerned by the dramatic drop in reported net cash flow,” Morningstar said in the note.
A $96.6 million loan backed by Manhattan’s Roosevelt Hotel, a high-end property near Grand Central Terminal, was put on watch list by its master servicer this month, according to data compiled by Bloomberg.
Article Source: http://www.bloomberg.com/news/2011-09-15/loan-backed-by-new-york-s-roosevelt-hotel-on-servicer-watch-list.html
http://www.theroosevelthotel.com
The master servicer is Wells Fargo & Co. and the sponsor is PIA Investments Ltd., the investment arm of Pakistan International Airlines, Bloomberg data show. The loan matures on Nov. 9 and was added to the watch list on Sept. 9, according to Morningstar Inc. (MORN)’s Structured Credit Ratings business.
Revenue from the hotel’s 1,015 rooms dropped to $57.7 million in 2009 from $81 million the previous year because of the slowdown in the economy and a decline in business travel demand, Morningstar said in an e-mailed note. Net cash flow decreased to $7.8 million in 2009 and 2010 from $30.1 million in 2008, according to Chicago-based Morningstar.
“We are concerned by the dramatic drop in reported net cash flow,” Morningstar said in the note.
The Dubai owner of Jumeirah Essex House, the art deco hotel perched prominently on the edge of New York's Central Park, said Monday it is putting the property up for sale.
A subsidiary of the Dubai Holding investment company controlled by the emirate's ruler bought the 44-story luxury hotel in September 2005. It has been managed by a sister company, Dubai Holding's Jumeirah Group hotel division, since shortly after the Hotel Acquisition.
160 Central Park South, New York, NY 10019
The Wall Street Journal reported that the 509-room hotel, which sits on the south end of Central Park, may get bids as high as $500 million.
Dubai Investment Group acquired the property in 2006 and renovated much of its interior in 2010.
The Essex House, which opened as the Park Tower Hotel in 1931, was a Marriott hotel at one time. The Luxury Central Park Hotel also has operated under the Westin flag.
Essex House opened in 1931 at the southern end of Central Park, between Sixth and Seventh avenues. Its red rooftop "Essex House" sign has made the hotel a Manhattan landmark for decades
Luxury Hotels For Sale - New York Hotels For Sale
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