Dubai Group eyes sale of Essex House hotel
Dubai, March 12, 2012
Dubai Group, part of the ruler of the emirate's personal empire, is weighing a sale of its prime Manhattan-based real estate property Jumeirah Essex House, it said on Monday.
The group, which bought the hotel in 2005, said the move comes as part of a constant review of its asset portfolio and investor demand for luxury hotels.
"We constantly review our portfolio of assets and will pursue asset sales in the right market conditions," Dubai Group's acting chief executive officer Fadel Al Ali said in an e-mailed statement.
"Current global investor demand for world-class hotel assets such as Essex House provides a timely opportunity to capitalise on the repositioning and operational improvements executed by our team," he added.
Dubai Group is a unit of Dubai Holding, the personal investment vehicle of Sheikh Mohammed bin Rashid Al Maktoum. It is currently restructuring $10 billion in liabilities. - Reuters