Previously under the management of Jumeirah Hotels & Resorts, the iconic Essex House in New York’s Central Park has reopened as the JW Marriott Essex House New York. The 509-room property was recently re-acquired from Dubai Investment Group by Strategic Hotels & Resorts, who paid a sum of around $375 million for the asset. Alongside the sale, the REIT signed a 50-year management contract with JW by Marriott. As part of the management agreement, Marriott pledged to raise the hotel’s net operating income to $21.5 million per year for a period of eight years.The 509-room Art-Deco hotel, located on Central Park South in Manhattan, first opened its doors in October 1931 as New York’s then-tallest building with 40 floors. It has changed management over the years, Marriott having operated it between 1969 and 1984. The landmark is recognised by Historic Hotels of America for preserving and maintaining its historic integrity, architecture and ambiance.The establishment will now feature all JW by Marriott brand’s distinct services and amenities including the Executive Lounge, to be built in early 2013.