Chicago-based Strategic Hotels & Resorts Inc. has agreed to purchase New York City's Essex House Hotel from its current owner, the Dubai Investment Group, for approximately $362.3 million, it announced last week.
Under a 50-year management agreement with Marriott International, the hotel will be re-branded as the JW Marriott Essex House New York, making it the first JW Marriott in New York.
"We're delighted to have been chosen by our valued partners at Strategic Hotels & Resorts to manage the iconic Essex House Hotel on Central Park South, making it the home of our first JW Marriott hotel in New York City," said Marriott President and CEO Arne Sorenson. "We believe there is substantial upside for this hotel as a JW Marriott brand, especially when combining our sales and marketing channels with the excellent asset management expertise of Strategic Hotels."
Widely considered one of Manhattan's most iconic and luxurious hotels, the Essex House Hotel opened in 1931 across the street from Central Park, where it now has 509 guest rooms, nine condominium units and 12,000 square feet of meeting space.