Friday, September 28, 2007

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.

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