Dubai Investment Group said it has reached a deal with Chicago-based REIT Strategic Hotels & Resorts to sell The Jumeirah Essex House, the iconic 81-year-old hotel overlooking Central Park in New York, for $362.3 million.

The transaction is likely to be closed before September 7,

A diversified UAE investment holding company, Dubai Investment Group had purchased the property for $440 million through its Jumeriah Group in 2006.

The transaction equates to a purchase price of approximately $685,000 per unit based on 518 units, including 509 guest rooms and nine condominiums.

As part of the deal, the REIT plans to rebrand the hotel as a JW Marriott, making it the second time Essex House has flown the Marriott flag in the property’s history.-TradeArabia News Service