Strategic Hotels purchases remaining stake in NYC hotel
Strategic Hotels & Resorts has acquired an additional 49 percent ownership interest in the 514-room JW Marriott Essex House hotel in New York City. The transaction values the asset at approximately $397.6 million.
Strategic Hotels previously owned a 51 percent ownership position in the 40-story hotel through a joint venture with certain affiliates of KSL Capital Partners.
JW Marriott Essex House opened in 1931 and underwent a comprehensive $90 million renovation in 2007. The hotel features world-class amenities including a full-service spa and fitness center, a fine-dining restaurant, and meeting and event spaces.
Earlier this year, Strategic Hotels paid $360 million to acquire the Montage Laguna Beach in Laguna Beach, Calif., from Ohana Real Estate Investors. And in