Dubai Firm Buys Times Square Hotel for $300 M--(and more)
From the new World Media Watch up now at http://www.zianet.com/insightanalytical
Tomorrow at Buzzflash.com
Summaries of other stories in my Journal
5/The Daily Star, Lebanon
Monday, June 05, 2006
http://www.dailystar.com.lb/article.asp?edition_id=10&c...
By Agence France Presse (AFP)
DUBAI: A Dubai government-owned firm said Sunday it had bought the Knickerbocker Hotel in New York's Times Square for $300 million, shortly after acquiring New York-based retail chain Loehmann's. Istithmar Hotels, which has investments at home and abroad, said the classic, Beaux Arts-style hotel, converted into an office property in the 1950s, would be converted back into a five-star hotel.
"Knickerbocker is a premier property in one of the worlds most recognized locations," said Muneef Tarmoom, chief executive officer of parent company Istithmar.
"Located in the heart of Manhattan on the southeast corner of Broadway and 42nd Street, it is today also known as 6 Times Square. Built in the early 1900s, Knickerbocker was one of midtown's premier hotels and one of the tallest buildings on Times Square," the company said in a statement.
Istithmar said on May 20 that it had acquired Loehmann's, a 60-store chain specializing in designer women's and men's apparel at discount prices, for $300 million from Atlanta-based private equity firm Arcapita. Loehmann's, which was founded in 1921, was forced into bankruptcy protection in 1999 after over-expanding and embarked on a restructuring program. The then-publicly listed company was bought by Arcapita in 2004 for $178 million and turned private.
Istithmar's purchase of US interests comes on the heels of the recent controversy that surrounded the acquisition of British shipping giant Peninsular and Oriental Steam Navigation Company earlier this year by Dubai Ports World (DP World), another government-controlled company.
(SNIP)
Dubai Investment Group, part of state Dubai Holding, purchased the Essex House Hotel in Manhattan last September. The hotel is now operated by Dubai Holding's hotel arm, the Jumeirah Group.
Link Here
Tomorrow at Buzzflash.com
Summaries of other stories in my Journal
5/The Daily Star, Lebanon
Monday, June 05, 2006
http://www.dailystar.com.lb/article.asp?edition_id=10&c...
By Agence France Presse (AFP)
DUBAI: A Dubai government-owned firm said Sunday it had bought the Knickerbocker Hotel in New York's Times Square for $300 million, shortly after acquiring New York-based retail chain Loehmann's. Istithmar Hotels, which has investments at home and abroad, said the classic, Beaux Arts-style hotel, converted into an office property in the 1950s, would be converted back into a five-star hotel.
"Knickerbocker is a premier property in one of the worlds most recognized locations," said Muneef Tarmoom, chief executive officer of parent company Istithmar.
"Located in the heart of Manhattan on the southeast corner of Broadway and 42nd Street, it is today also known as 6 Times Square. Built in the early 1900s, Knickerbocker was one of midtown's premier hotels and one of the tallest buildings on Times Square," the company said in a statement.
Istithmar said on May 20 that it had acquired Loehmann's, a 60-store chain specializing in designer women's and men's apparel at discount prices, for $300 million from Atlanta-based private equity firm Arcapita. Loehmann's, which was founded in 1921, was forced into bankruptcy protection in 1999 after over-expanding and embarked on a restructuring program. The then-publicly listed company was bought by Arcapita in 2004 for $178 million and turned private.
Istithmar's purchase of US interests comes on the heels of the recent controversy that surrounded the acquisition of British shipping giant Peninsular and Oriental Steam Navigation Company earlier this year by Dubai Ports World (DP World), another government-controlled company.
(SNIP)
Dubai Investment Group, part of state Dubai Holding, purchased the Essex House Hotel in Manhattan last September. The hotel is now operated by Dubai Holding's hotel arm, the Jumeirah Group.
Link Here
posted by Kangaroo Brisbane Australia at 2:47 AM
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