New York, 9 Sept. 05 (WAM) - Dubai Investment Group has purchasedNew York's landmark Essex Hotel from Strategic Hotel Capital LLC.

Dubai Investment Group is planning a $50 millionrenovation of the hotel to create a high-quality,five-star property of the Essex House. The hotel wasbuilt in 1931 and is acknowledged as one of thepremier hotel locations at 160 Central Park South.

The two components of the Essex House include the501-room Westin and a 104-room St. Regis. There arealso 148 condominiums Dubai Investment Group noted that there would be nodecrease in employment at the Essex House. As a luxuryhotel, the Essex House will be fully staffed as ahigh-service, high-quality operation.

"This investment by Dubai Investment Group representsour recognition of the economic vitality of New YorkCity. It is emblematic of our view that New York Cityand its hotel industry have a very strong and vibranteconomic outlook. Essex House is one of the mostrefined hotels of the world with a history, making ittruly a landmark for New York," said Mohammed AlGergawi, CEO of Dubai Holding, the parent company forDubai Investment Group.

"Our plan is to make the Essex House an icon that becomes thepremier destination for visitors to New York City." Strategic Hotel Capital LLC, the seller, is a privatecompany whose principal shareholders are affiliates ofGoldman, Sachs & Co. and investors advised byPrudential Real Estate Investors.

Dubai Investment Group is a member of Dubai Holdingand focuses on four key investment areas: realestate, financial services, industrials andsecurities. In real estate, the company acquires andinvests in value-add projects and transactions. Thefirm has offices in New York, London and Dubai.

Dubai Holding currently operates 20 companies insectors including hospitality, tourism, real estate,technology, communications, finance, energy, health,biotechnology, research, education andhumanitarianism.