Essex House sold to Dubai Group.His Highness General Sheikh sheikh or shaykh Among Arabic-speaking tribes, especially Bedouin, the male head of the family, as well as of each successively larger social unit making up the tribal structure. The sheikh is generally assisted by an informal tribal council of male elders. Mohammed bin Rashid Al Maktoum Sheikh Mohammed bin Rashid Al Maktoum (Arabic (محمد بن راشد آلمكتوم) (born 1949) is currently the Prime Minister and Vice President of the United Arab Emirates, as well as the , Crown Prince of Dubai is the new owner of the luxury Essex Hotel, it was confirmed this week. The sheik's Dubai Investment Group The Dubai Investment Group (DIG) is a subsidiary and member company of Dubai Holding. The company was originally called The Investment Office but was re-named in May 2005 to better reflect its ties to Dubai. snatched up the 605-room landmark from Strategic Hotel Capital LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Terms of the sale were not disclosed, but the 70-year-old institution reportedly came close to being sold for $400 million earlier this year. Strategic, a private company whose principal shareholders are affiliates of Goldman, Sachs & Co. and investors advised by Prudential Real Estate Investors, confirmed it has entered into a contract to sell the hotel to DIG and, in a prepared statement, said it sought a buyer that would maintain the character and use of the property as a world class hotel. Although DIG declined to divulge specifics of the deal prior to closing, a spokeswoman said the company would "retain the high level of hotel service for which the Essex House Essex House can refer to:
1. is noted, with no planned reduction in staffing or employment." DIG is an affiliate of Dubai Holding Dubai Holding (Arabic:دبي القابضة) is a holding company that belongs to Government of Dubai (Sheikh Mohammed bin Rashid Al Maktoum as the Ruler of Dubai holds 99.67% of the company[1]). , a giant entity formed by the ruler of the Persian Gulf emirate e·mir·ate n. 1. The office of an emir. 2. The nation or territory ruled by an emir. Noun 1. emirate - the domain controlled by an emir last year to harness the expertise and resources of 17 mega-firms in his country. It's interests have since spread from the Middle East and its reach has penetrated markets in Europe and the US in virtually every sector. Earlier this year, DIG became one of the largest residential property owners in the US when it purchased a $1 billion multi-family portfolio in a partnership with The Milestone Group. And last month, in a joint venture between Oxford Lodging Advisory & Investment Group, LLC, of San Francisco, and DIG affiliate, Longwing Real Estate Ventures purchased the famed Sir Francis Drake Hotel in San Francisco with plans to spend $20 million on renovations to keep the hotel running. Built in 1931, the Essex House has two components: a 501 room Westin and a 104 room St. Regis. There are 148 private residential condos located throughout the building and individually owned, of which 139 will not be included in the sale of the property. Sonnenblick-Goldman Company and Goldman, Sachs & Company were retained by the owner as exclusive agents for the sale. |
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