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Dubai Domino Falls in Union Square

Dubai's debt problems led to a foreclosure auction today of the W Union Square hotel, purchased by government-backed Istithmar for $285 million in 2006. The 270-room property went to a Philly-based private equity fund for just $2 million! (And the assumption of $212 million in debt.) Istithmar actually bid higher to regain control of the hotel, but only under the condition that it skip two months of debt payments. The Real Deal reports the hotel will continue to be a W, and new owner LEM Mezzannine is planning capital improvements...eventually. [Real Deal]

Union Square Park

W 14th Street, New York, NY 10003