W hotel at Union Square sold at auction

The W New York Union Square was sold December 8 at a foreclosure auction from Dubai World to LEM Mezzanine, a private equity firm that was one of the property's lenders. A spokesman for LEM Mezzanine announced that "our intention is to ensure that the hotel continues to be well run and is made ready to take full advantage of any future market recovery."

Agovino, Theresa. W hotel at Union Square sold at auction. Crain's NY Business, December 8, 2009.
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