Dubai World’s investment arm, Istithmar, lost control of a flash Manhattan hotel and bonds in six state-controlled companies tumbled to record lows as the emirate's debt crisis continues. The trendy W Hotel Union Square was one of Dubai World’s prize properties – other hotels in New York are the Knickerbocker and Mandarin Oriental, while another is the new W in Washington DC. The heavily indebted New York W sold for a bid of just $US2 million at a foreclosure auction, though it cost Istithmar more than $US280 million in 2006 at the height of the property cycle.

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