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Central Park South

Strategic Hotels & Resorts, Inc. Acquires the Essex House Hotel – Iconic Asset in Central Park South will be Converted to the JW Marriott Brand

    Strategic Hotels & Resorts, Inc. (NYSE: BEE) announced today that it has signed an agreement to purchase New York City’s Essex House Hotel from the Dubai Investment Group for a gross purchase price of approximately $362.3 million. The purchase price includes 509 hotel rooms, nine condominium units and significant hotel-level cash reserves. Net of the acquired cash reserves, the transaction equates to a purchase price of approximately $685,000 per unit, based on 518 total units. The transaction, which is subject to the satisfaction of customary closing conditions, is expected to close on or before September 7, 2012.