Istithmar sells second Park Avenue property in New York for $1.15b

Dubai: Istithmar World Real Estate, a unit of the government-owned Dubai World conglomerate, said yesterday it had sold 230 Park Avenue for $1.15 billion, citing an "unusual opportunity" to sell the New York building it acquired for $705 million in 2005.

The real estate owned by Dubai World in the US includes 450 Lexington Avenue, The W Hotel Union Square, The Mandarin Oriental Hotel and the Knickerbocker on Times Square.

Dubai World chairman Sultan Ahmad Bin Sulayem said "market conditions created an unusual opportunity for us" to sell the two New York assets.

Final Design Unveiled For Indy's Largest Hotel

Plans have been released for the $425 million JW Marriott Complex in Indianapolis, which will house the city’s largest, full-service convention hotel. The complex will include a total of 1,568 rooms at four Marriott facilities. The project is expected to generate nearly 500 construction jobs and more than $5 million in sales tax revenue to the State of Indiana.

Young tycoon to open downtown hotel

At 25, most people are starting to build their résumés - not multimillion-dollar hotels.

But Ben Nash, Brooklyn's youngest real estate tycoon, isn't most people, and he is hard at work on developing Indigo, a $60 million hotel he expects to open in downtown Brooklyn by 2010.

That might sound like enough to keep him busy, but the Crown Heights native, who got his start as a cell phone salesman, still has plenty more he wants to do.

Wyndham Hotels and Resorts Opens First Hotel in Panama

The Wyndham Hotels and Resorts brand will fly its first flag in Panama with the conversion of the five-star, 301-room Veneto Hotel & Casino in Panama City to The Veneto, A Wyndham® Grand Hotel.

Peter Strebel, Wyndham Hotels and Resorts president, said the introduction of the Wyndham brand in Panama is part of the brand's strategy to pursue flagship Wyndham hotel properties in key international and gateway cities.