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The Bulletin

Our blog showcasing the finest high-end residential and investment properties in the world.

w hotel union square 1

Istithmar Loses W Hotel Union Square in Foreclosure Auction

Dubai World under a debt crisis is expected to sell more of it's non-core assets. Some of the properties in New York include Mandarin Oriental in Manhattan, Jumeirah Essex House and Knickerbocker Hotel in Times Square. W Union Square was acquired by LEM Mezzanine, a private-equity fund affiliated with Lubert-Adler Real Estate Funds. Let's get ready to buy...

The Wall Street Journal: 

NEW YORK-Dubai World's private-equity arm ponied up about $282 million in 2006 for the trendy W Hotel Union Square in Manhattan. At a foreclosure auction Tuesday, the winning bid was $2 million...Realpoint LLC, a credit-rating company, estimates that the hotel is now worth $137.5 million.

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