Free Republic

DUBAI: 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, 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. "Located in the heart of Manhattan on the southeast corner of Broadway and 42nd Street, it is...

UAE company takes stake in Time Warner, hires Icahn Staff and agencies 16 February, 2006 46 minutes ago WASHINGTON - United Arab Emirates-based media investment company Istithmar PJSC, through $2 billion in participation notes issued by UBS AG, now controls 2.39 percent of Time Warner Inc.‘s (NYSE:TWX - news) stock and has hired one of Carl Icahn‘s entities as its advisor, according to a regulatory filing on Thursday. The notes give Istithmar effective control over and economic exposure to over 109 million Time Warner shares, the filing with the U.S. Securities and Exchange Commission Securities and Exchange Commission said. Under...