Strategic Hotels & Resorts Inc. (BEE) Friday agreed to purchase New York City's Essex House Hotel from the Dubai Investment Group for about $362.3 million.
The purchase price includes 509 hotel rooms, nine condominium units and significant hotel-level cash reserves. Net of the acquired cash reserves, the transaction equates to a purchase price of about $685 thousand per unit, based on 518 total units. The transaction is expected to close on or before September 7.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.