Istithmar, host in W New York deal

17 July 2010

Istithmar World, a unit of Dubai World, has partnered with Host Hotels and Resorts to buy the W New York Union Square hotel, as part of the settlement to bankruptcy proceedings, Bloomberg has reported. Istithmar, which paid $285m for the 270-room hotel in 2006, lost the property last year in a foreclosure auction to LEM Mezzanine, a Philadelphia-based private equity fund for $2m plus the assumption of a portion of the debt. The property is operated by Starwood Hotels & Resorts Worldwide. W Hotel Management Inc will continue to manage the hotel under its existing agreement.

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