Skip to comments.Dubai firm buys Times Square hotel for $300 million
Posted on 06/04/2006 2:21:59 PM PDT by ncountylee
DUBAI: A Dubai government-owned firm said Sunday it had bought the Knickerbocker Hotel in New York's Times Square for $300 million, shortly after acquiring New York-based retail chain Loehmann's. Istithmar Hotels, which has investments at home and abroad, said the classic, Beaux Arts-style hotel, converted into an office property in the 1950s, would be converted back into a five-star hotel.
"Knickerbocker is a premier property in one of the worlds most recognized locations," said Muneef Tarmoom, chief executive officer of parent company Istithmar.
"Located in the heart of Manhattan on the southeast corner of Broadway and 42nd Street, it is today also known as 6 Times Square. Built in the early 1900s, Knickerbocker was one of midtown's premier hotels and one of the tallest buildings on Times Square," the company said in a statement.
Istithmar said on May 20 that it had acquired Loehmann's, a 60-store chain specializing in designer women's and men's apparel at discount prices, for $300 million from Atlanta-based private equity firm Arcapita. Loehmann's, which was founded in 1921, was forced into bankruptcy protection in 1999 after over-expanding and embarked on a restructuring program. The then-publicly listed company was bought by Arcapita in 2004 for $178 million and turned private.
Istithmar's purchase of US interests comes on the heels of the recent controversy that surrounded the acquisition of British shipping giant Peninsular and Oriental Steam Navigation Company earlier this year by Dubai Ports World (DP World), another government-controlled company.
(Excerpt) Read more at dailystar.com.lb ...
Funny that most American's don't realize that Muslims are our friends.
Peter King will demand that only union thugs, er members, who support him be hired to work at the hotel.
Peter King is starting to really annoying me lately. His latest rants on Homeland Security funding has really pushed me over the edge
Is it really prudent to allow a country that supports terrorism an interest in America's strategic hospitality and retail concerns? Won't they just place terrorists in important positions in these hotels and leave us vulnerable?
Those positions would probably be construed as "just good people looking to do the work Americans won't do."
Wait a minute, isn't there another concept these days about "santuary" cities?
I used to stay at this hotel in the sixties and seventies when I was in NYC on business. It was getting run down at the time. I assume it has been remodeled.
"Welcome to the Knickerbocker. Would you like a bomb-making, or non-bomb-making room?"
This is the same guy who has incessantly contacted me to try and buy my 12X60 mobile here in Durango CO. I know his ultimate purpose is to have the land, high desert, rock infested, scruboaked, dry beyond belief, patch of dirt for the mineral rights, and not my home.
Well.......I'm not sellin'!!
He's a gutter fighter. Loved slick willie, loved the IRA, and is beholden to the union thugs who fund his campaigns.
Weird -- they already bought the Essex House hotel a few blocks uptown...