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8/17/2012 11:25 AM ET

Strategic Hotels & Resorts Inc. (BEE: Quote) 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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