New York City's W Hotel in Union Square has been bought by Dubai-based property investment company, Istithmar for $285m (£153m).
Richard Johnson, managing director, Real Estate at Istithmar, said the acquisition of the 270-bedroom W Hotel, managed by Starwood Hotels and Resorts, was part of a strategic initiative to add value to its investment portfolio.
Johnson added that Istithmar remains bullish about investments in cities such as New York and London, as well as select emerging markets.
Joe Sita, chief executive at Istithmar Hotels, said: "The new acquisition reinforces Istithmar's belief in the growth of the hotel sector in New York and is in line with our strategy of investing in luxury hotels in key gateway cities around the world."
Istithmar, part of Dubai World Group and wholly owned by the Government of Dubai, announced the deal yesterday, its fifth acquisition in the Big Apple.
Earlier this year, Istithmar bought the renowned Knickerbocker Hotel in Times Square, 280 Park Avenue, and 450 Lexington Avenue.
In November 2005, Istithmar made its first New York City acquisition by acquiring the landmark Helmsley Building located at 230 Park Avenue.
By Emily Manson
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