Less than two months after its $725 million Turtle Bay Resort buy, Host Hotels & Resorts has made another multimillion-dollar hotel acquisition — this time in the major urban market of Manhattan.
Maryland-based real estate investment trust Host Hotels & Resorts acquired 1 Hotel Central Park from Starwood Capital Group. A Starwood spokesperson told Hotel Dive Wednesday the sales price was $265 million.
The buy comes about a month after Bloomberg first reported the REIT was pursuing the New York City deal. With approximately 230 rooms, 1 Hotel Central Park sold for more than $1 million per key. A Starwood affiliate first opened the hotel in 2015.
Host Hotels & Resorts could not be reached for comment on the deal, and Starwood declined to provide comment beyond confirming the sale and sales price.
The pair have transacted before, including earlier this year when 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, CoStar reported.
“We don’t sit around at Host and wait for marketed opportunities,” Host President and CEO James Risoleo said during a Q1 2024 earnings call in May. “We really prefer to continue to work with our long-standing partners [and] relationships that we have, and that's how we got the Nashville deal done.”
“You may recall that we also bought the 1 Hotel South Beach from Starwood Capital,” he continued. In 2019, Host purchased 1 Hotel South Beach in Miami Beach, Florida, for $610 million from Starwood.
Risoleo added that he was hopeful that “over the course of the year, [Host will] be able to get additional transactions completed.”
In the weeks following that call, Host purchased the Turtle Bay Resort on Oahu, Hawaii, from Blackstone Real Estate. The REIT plans to rebrand the hotel under Marriott’s Ritz-Carlton flag.
