NEW YORK— Dubai-based Istithmar has acquired a site in Manhattans Times Square on which it plans to build a major condo hotel. Istithmar, according to press reports, acquired the site on West 42 St. for $76 million from American Properties. Istithmar already owns the former Knickerbocker Hotel, which adjoins the newly-acquired site. The historic Knickerbocker is currently being used as an office building. Istithmars latest move fuels speculation that the firm will convert the Knickerbocker back to a hotel and build an extension to it on the new site.
Previous ArticleIHG Enters JV With ANA Hotels
Next Article Third Quarter Saw Jumps in ADR And RevPAR