Istithmar defaults on New York hotel

03 March 2010

Istithmar World Capital, the Dubai-government investment fund's private-equity unit, has defaulted on the $300m mortgage for the former Knickerbocker Hotel site in New York City and handed the property over to Danske Bank, the Wall Street Journal has reported. The bank's broker, Jones Lang LaSalle, is marketing the building and has drawn interest from bidders including Sitt Asset Management, the paper said.

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