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...