after Serving as Lead Investment Advisor to New Owner
|NEW YORK Sept. 8, 2005 - Oxford Lodging Advisory & Investment Group,
LLC has been named as the asset manager for the Essex House, the venerable
New York City hotel property purchased today by Dubai Investment Group
from Strategic Hotel Capital, LLC. As was announced today, Dubai is planning
a $50-million renovation of the Midtown Manhattan hotel to create a luxury,
Oxford Lodging, currently responsible for a $2-billion, 8,200-room portfolio of luxury and upscale hotels in the United States and Japan, including three New York City properties, was named to asset-manage the Essex House after serving as the lead investment advisor to Dubai on the purchase. Oxford Lodging's role as asset manager becomes effective today.
In June 2005, Oxford Lodging completed its second transaction with Longwing Real Estate Ventures, LLC, a member of the Dubai Investment Group: the purchase of the 417-room Sir Francis Drake Hotel in San Francisco and start of a $20-million, property-wide renovation slated for completion by late 2006. The Sir Francis Drake acquisition came on the heels of the purchase by Oxford Lodging and Longwing of the Adam's Mark Jacksonville Hotel, a 1000-room, convention-oriented hotel on the St. Johns River that was subsequently reflagged the Hyatt Regency Jacksonville Riverfront.
"Oxford Lodging has a strong working relationship with Dubai Investment Group, and looks forward to leveraging its vast experience with historic hotels to ensure the Essex House maintains it status as one of New York City's most desirable hotel addresses," said Robert D. Kline, president of Oxford Lodging Advisory & Investment Group, LLC. "We are delighted to play a role in the Essex House's rich, 74-year history in Midtown Manhattan."
The partnership with Dubai Investment Group adds the Essex House to Oxford Lodging's growing New York City portfolio, which includes the Radisson Lexington, the Doubletree Metropolitan and Milford Plaza properties - all of which are either undergoing or planning extensive renovations.
About Oxford Lodging Advisory & Investment Group, LLC
About Dubai Investment Group
|Also See:||Joint Venture Led by Oxford Lodging Acquires San Francisco Landmark Sir Francis Drake Hotel; Will Undergo $20-million Renovation, Kimpton Remains as Manager of the Property / July 2005|
|New Owners of the 722-room Metropolitan Hotel in Midtown Manhattan Plan Renovation and Repositiong / July 2003|