Dubai Government Firm Buys NYC Hotel

Dubai's government has bolstered its holdings of New York City real estate by purchasing a majority stake in Manhattan's five-star Mandarin Oriental hotel.

The $340 million purchase of the Mandarin Oriental, part of the Time Warner Center on Manhattan's Columbus Circle, adds to the growing U.S. real estate portfolio held by the Arab world's financial powerhouse.

The purchase by Istithmar PJSC, the Dubai government's holding company, was announced Sunday.

Istithmar's New York properties include the W Hotel on Union Square, the Knickerbocker Hotel on Times Square and commercial buildings at 280 Park Avenue, 230 Park Avenue and 450 Lexington Avenue. The firm also owns the Hotel Washington in Washington D.C.

"We're building a portfolio of both luxury and budget hotels in key target markets around the world," said Joe Sita, chief executive of Istithmar's hotels group.

Dominican Paradisus Palma Real Resort enters world luxury hotels list

In recognition of its level of excellence, Paradisus Palma Real Resort, a five-star, luxury, all-inclusive which opened its doors in December 2005, has been honored as a member of the world's most prestigious collection of luxury hotels, The Leading Hotels of the World.

The Leading Hotels of the World is the renowned luxury hospitality organization representing more than 430 of the world's finest hotels, resorts and spas. Since 1928, the company's reputation for excellence derives from the exacting levels of quality it demands of its members, each of which must pass a rigorous, anonymous inspection covering 1,500 separate criteria.

"Achieving the coveted status of The Leading Hotels of the World so early in our tenure is a great honor, ensuring Paradisus Palma Real Resort's position as one of the finest hotels in the world, we are pleased to be included in a group that shares our standards of service and excellence," stated Susanna Mander, Director of Brand Management for Paradisus Resorts.