Dubai's government bolstered its holdings of New York City real estate, announcing Sunday that its Istithmar PJSC holding company had purchased a majority stake in Manhattan's five-star Mandarin Oriental hotel.
The US$340 million (euro260 million) purchase of the Mandarin Oriental, part of the Time Warner Center on Manhattan's Columbus Circle, adds to the growing U.S. real estate portfolio held by the Arab world's financial powerhouse.
Istithmar's previous New York properties include the W Hotel on Union Square, the Knickerbocker Hotel on Times Square and commercial buildings at 280 Park Avenue, 230 Park Avenue and 450 Lexington Avenue. The firm also owns the Hotel Washington in Washington D.C.
Another Dubai government-held firm, Jumeirah International, owns the Jumeirah Essex House hotel on Manhattan's Central Park South.
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