(RealShareNew York comes to the Grand Hyatt, New York, NY, October9.)

NEW YORK CITY-The Jumeirah Essex House, theiconic 81-year-old hotel overlooking Central Park, has officiallychanged hands. Chicago-based REIT Strategic Hotels &Resorts has closed on its acquisition of the landmarkbuilding from Dubai Investment Group for $362.3million after signing an agreement to buy the hotel and re-brand itas a JWMarriott in late August, the company unveiled on Sept.14. The transaction equates to a purchase price of approximately$685,000 per unit based on 518 units, including 509 guest rooms andnine condominiums.

After securing $190 million in first mortgage financing fromBank of America to help fund the purchase lastmonth, the REIT evaluated joint venture options and otheralternatives as capital sources for the remaining balance of theacquisition. As a result, Strategic established a joint ventureagreement with an affiliate KSL Capital Partnersto fund the equity portion of the deal, in which the company willown a 51% stake and will serve as the managing member and assetmanager.