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Istithmar Hotels, a wholly owned subsidiary of the Dubai-based investment holding company Istithmar, has acquired the W Hotel Union Square in New York. This is Istithmar”s fifth acquisition of in Manhattan, the first being that of the Helmsley Building at 230 Park Avenue in November 2005. This year the company also acquired the Knickerbocker Hotel in Times Square, 280 Park Avenue, and 450 Lexington Avenue.
Istithmar Hotels chief executive Joe Sita said: ”The W Hotel Union Square is a unique property that generates cash year after year with significant real estate value. This acquisition reinforces Istithmar”s belief in the growth of the hotel sector in New York and is in line with our strategy of investing in luxury hotels in key gateway cities around the world.”
The company also owns One Trafalgar Square in London.