From The Wall Street Journal:

Istithmar Loses W Hotel Union Square in Foreclosure Auction

NEW YORK—Dubai World's private-equity arm ponied up about $282 million in 2006 for the trendy W Hotel Union Square in Manhattan. At a foreclosure auction Tuesday, the winning bid was $2 million. The auction at a law firm about two miles from the 270-room hotel was a sign of how far Istithmar World Capital has fallen since it plowed nearly $20 billion into investments all over the world, much of it spent near the market's peak in 2006 and 2007. The W Hotel was the first major property asset of Dubai World to be foreclosed on since the government-owned fund's problems boiled over in late November. Click here for the full story.