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Dubai Group, the Essex House owner, has spent more than a year trying to convince its lenders to agree to new terms on some $10 billion of debt it holds. No deal has been reached yet. Fadel al-Ali, Dubai Group's acting CEO, said the company constantly reviews its portfolio of holdings and will sell off assets if the market conditions are right. "Current global investor demand for world-class hotel assets such as Essex House provides a timely opportunity to capitalize on the repositioning and operational improvements executed by our team," he said in a statement. Essex House opened in 1931 at the southern end of Central Park, between Sixth and Seventh Avenues. Its red rooftop "Essex House" sign has made the hotel a Manhattan landmark for decades.
[Associated
Press;
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