The hotel’s current owner LEM Mezzanine and the property’s mezzanine lenders reached a settlement to sell the hotel to the venture. Istithmar World, a unit of Dubai World bought the hotel in 2006 for about $285m. Host Hotels will not disclose additional details about the purchase price or other partners in the venture. W Union Square debtors Hotels Union Square Mezz.
1 and Hotels Union Square Mezz 2 filed a joint Chapter 11 plan to facilitate the sale of the property. The hotel will continue to be managed by Starwood Hotels & Resorts, newswires reported.