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Florida & Gulf Coast  + South Florida  + Hospitality  | 

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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition