New York City Gets First JW Marriott
Marriott announced the opening of the JW Marriott Essex House New York, located on Central Park South in Manhattan, just off Seventh Avenue.
The Art Deco hotel first opened in 1931 as the Sevilla Towers and was branded as Marriott’s Essex House from 1969 through 1985. It was most recently the Jumeirah Essex House. At the time of its opening, it was the tallest tower in New York City.
The new hotel has 509 rooms and suites and many feature excellent views of the city and Central Park. The hotel is building an Executive Lounge that will open in early 2013. The hotel is also planning to offer exhibitions from Christie’s, Aromatherapy in-room amenities, and nutritious dining options from Keri Glassman.
The hotel was acquired by Strategic Hotels & Resorts on September 14 from the Dubai Investment Group for $362.3 million. Strategic Hotels has entered into a 50-year management agreement with Marriott International and Marriott will guarantee the net operating income of the hotel up to $21.5 million per year for the first eight years. An affiliate of the buyer had previously owned the Essex House Hotel and sold it to the Dubai Investment Group in 2005, including 605 rooms and ten condominium units in the $440 million sale.
Upon closing, Strategic Hotels has plans to invest approximately $18.3 million in renovations to common areas, systems, and other various property improvements.