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Dubai Investment Group honored with 'US Hotel Deal of the Year' award |
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2/22/2006 7:22:55 AM |
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The Dubai Investment Group was honoured for its investment dealings in one of the world's most sophisticated financial markets by winning the prestigious 'US Hotel Deal of the Year' award from Americas Lodging Investment Summit (ALIS).
The group is the world's leading hotel industry association and Dubai Investment Group was named for its deal in acquiring the landmark New York Essex House Hotel in September, 2005.
Jumeirah Hospitality & Leisure, Dubai's world-class hotel group, was named by Dubai Investment Group to operate the luxury property.
When the deal was first announced in September 2005, New York Mayor Michael R. Bloomberg, said: 'With the Dubai Investment group closing on their purchase of the Essex House, another iconic hotel overlooking Central Park will be preserved and its unionized workforce protected. This is excellent news for New York's tourism and hospitality industries, which are a critical part of our City's economy, supporting more than a quarter-million jobs. I thank the Dubai Investment Group for their investment in the future of New York and conserving part of our great City's rich history.'
Negotiating deals in New York requires a special finesse and political deftness, according to industry experts. Employee unions play an influential role in local politics, and can derail a deal if not handled well. Part of the reason for Dubai Investment Group's winning this award was recognition of its skill in dealing with the political complexities of New York. One key element in making this deal work was winning advance support of the powerful union employed at the property.
When the deal was announced, New York Hotel Trade Council President Peter Ward, offered his enthusiastic support, and said: 'We are delighted that Dubai Investment Group is purchasing the Essex House as a hotel and will continue to operate it as a hotel. We support their plans to upgrade the level of service to make this one of New York's great hotels, and the union and its membership will work with them to achieve that goal.'
'This is a great honor for Dubai Investment Group in recognizing our ability to compete and win in a complex deal-making environment,' said Soud Ba'alawy, CEO of Dubai Investment Group. 'The honor speaks well to the ability of Dubai-based businesses to operate successfully in the world's most sophisticated financial markets and under the most challenging and competitive market situations.'
The deal involved Dubai Investment Group's purchase of the landmark 600-room Essex House hotel and investment of $50 million in renovating the property this year to create a high-quality, five-star hotel. The iconic property was built in 1931 and is strategically located at 160 Central Park South, between Sixth and Seventh Avenues in New York City. Its dramatic location fronts onto the South side of New York's scenic and historic Central Park.
The award was announced at January 24th at the industry association's well-attended annual summit meeting in Los Angeles, California. In the announcement of the win, ALIS noted the asset was preemptively purchased during a highly competitive investment sales process.
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