Dubai World's investment arm, Istithmar, lost ownership of the W Union Square New York hotel in a foreclosure auction Tuesday.
One of the hotel's interim lenders, a private equity firm called LEM Mezzanine, acquired the 270-room hotel for $2 million, according to Dow Jones. The sale was another financial blow to Istithmar, which acquired the hotel in October 2006 for $285 million, according to Real Capital Analytics, a data tracking firm.
Calls to Dubai World and LEM Mezzanine were not immediately returned. LEM said in a statement it plans to continue to operate the hotel and hopes to "take full advantage of any market recovery."
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