Strategic Hotel to Buy Essex House for $362.3M

Strategic Hotels & Resorts, Inc. 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.