Istithmar loses control of W Union Square

09 December 2009

Dubai World's Istithmar unit has lost control of the W New York Union Square hotel in a foreclosure auction, Bloomberg has reported. LEM, an affiliate of Lubert-Adler Real Estate Funds, won an auction for the mezzanine debt on the luxury Manhattan hotel, which was purchased by Istithmar in 2006 for $285m. LEM bid $2m for the debt.

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