Dubai firm buys Times Square hotel for $300 million
By Agence France Presse (AFP)
Monday, June 05, 2006
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A Dubai government-owned firm said Sunday it had bought the Knickerbocker Hotel in New York's Times Square for $300 million, 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, converted into an office property in the 1950s.
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