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W New York- Union Square Auctioned Off by Dubai World

December 9, 2009| By:Mary Winston Nicklin

W Hotel Union SquareRiddled with some $26 billion in debt, the government-owned investment fund Dubai World is losing its assets. Yesterday's foreclosure auction in New York means that Istithmar, a unit of Dubai World, lost control of the W New York Union Square. Crain's New York Business reports that the winning bidder was "LEM Mezzanine, a private equity fund that's affiliated with Lubert-Adler Real Estate funds." [Map]

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