Istithmar World, the former owner of the W New York Union Square hotel, will be a minority partner in a new venture led by Host Hotels & Resorts that is buying the hotel out of bankruptcy. No sale terms were released.
The deal settles litigation with Istithmar’s current lenders, including Dekabank, which will be repaid. LEM, the mezzanine lender that had foreclosed on Istithmar and is the hotel’s current owner, will receive payments toward its original loan.
