A hotel facing the Central Park in New York has to be a premium property. The Jumeirah Essex House is one such property which is a classic piece of Manhattan architecture. According to the buzz in the hospitality and the real estate sector, the high end property is up for sale. Crain’s carried a report on the matter and quoted the CEO of the hotel who on behalf of the Dubai based owners of the group made the announcement. He believed that it is a great opportunity as the property has been upgraded, improved and repositioned.
It was in 2007 that the Jumeirah group had undertaken an extensive redesign along with technological upgrades of the property. It gave a fresh look to the luxury property. The hotel’s iconic red neon sign works as a differentiator for the building. It is one of the most recognizable signs in New York along with The Empire and The New Yorker. It adds value to the building and will help attract buyers for the property. The Dubai Group estimates the value of the historic property to be in the range between $400 million and $500 million.
The details of the offer are not clear as yet. They might be open to negotiation. It is not clear if the Jumeirah Group would continue to operate the hotel after the sale. At the moment the Dubai Group seems to be open to offers either way. They could continue to operate the hotel or make way for a new management arrangement. It is a big deal that will take time to materialize. It could mean an even bigger makeover for the Essex House. The hotel in a premium location is set to take a new direction.