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Host Hotels Pays $265M for 1 Hotel Central Park
An affiliate of Host Hotels & Resorts Inc. has acquired 1 Hotel Central Park in Midtown Manhattan for $265 million, the New York Business Journal reported. The seller was Starwood Capital Group, which had owned the property since acquiring it for $72 million in 2011.
The Bethesda, MD-based hotel REIT has transacted with Starwood Capital before. Earlier this year, Host acquired 1 Hotel Nashville and Embassy Suites by Hilton Nashville Downtown for $530 million from Starwood, Crescent Real Estate and High Street Real Estate Partners. In 2019, Host purchased 1 Hotel South Beach in Miami Beach from Starwood for $610 million.
Altogether, Host Hotels is paying about $2,400 per square foot and more than $1 million per room for the property located at 1414 Ave. of the Americas. The 110,000-square-foot, 18-story hotel has 229 rooms.
As part of the acquisition, Host Hotels entered a $150-million consolidated loan agreement with a company represented by Fried Frank Harris Shriver & Jacobson, reported the Business Journal.
- ◦Sale/Acquisition
