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First 1 Hotel Changes Hands for $600M-plus in South Beach
A controlled affiliate of Starwood Capital Group and LeFrak has sold the 1 Hotel South Beach in Miami Beach to Host Hotels & Resorts. The 429-key lifestyle property traded for $610 million, or $1.42 million per key, in a deal brokered by Hodges Ward Elliott.
The beachfront lodging asset was the first to carry the 1 Hotel brand, following Starwood Capital’s acquisition and gut renovation of it in 2012. SH Hotels & Resorts, an affiliate of Starwood Capital, will continue to operate and manage the property as 1 Hotel South Beach.
“We wanted a partner who would continue to invest in the hotel’s future, our new amenities in planning, and in our green mission,” said Starwood Capital chairman Barry Sternlicht. “It is rewarding to launch the first mission-driven hospitality brand, and have it be recognized by discerning luxury travelers and by the investment community.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
