Dubai Investment Group is putting up for sale the Jumeirah Essex House, an 81-year-old Midtown Manhattan hotel and the crown jewel of the Middle East investor's U.S. real estate portfolio.
For the Dubai government fund, the planned sale marks the next step in its efforts to reduce property holdings in the U.S. While it is possible that Dubai could accept offers to refinance or recapitalize the hotel, a sale is considered the most likely outcome, say people familiar with the matter.
Hotel experts say the 509-room hotel, with its signature red neon sign, could fetch between $375 million and $500 million. Located on Central Park South, it has a prime location.
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