Dubai firm buys New York's Knickerbocker Hotel
AFP, June, 2006
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DUBAI (AFP) — A Dubai government-owned firm said it had bought the Knickerbocker Hotel in New York's Times Square for 300 million dollars, shortly after acquiring New York-based retail chain Loehmann's.
Istithmar Hotels, which has investments at home and abroad, said the classic, Beaux Arts-style hotel, which was converted into an office property in the 1950s, would be converted back into a five-star hotel.
"Knickerbocker is a premier property in one of the worlds most recognized locations," said Muneef Tarmoom, chief executive officer of parent company Istithmar, which means "investment" in Arabic.
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"The most fascinating thing about this property is not its design but its history," said Tarmoom, who put the cost of the acquisition at 300 million dollars.
"Located in the heart of Manhattan on the southeast corner of Broadway and 42nd Street, it is today also known as 6 Times Square. Built ...
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