Host Hotels & Resorts Inc., through its affiliate, has recently acquired the prestigious 1 Hotel Central Park located in Midtown Manhattan for a staggering $265 million. According to reports from the New York Business Journal, Starwood Capital Group was the previous owner of this property, having purchased it for $72 million back in 2011.
This is not Host’s first transaction with Starwood Capital as they have previously acquired other properties such as 1 Hotel Nashville and Embassy Suites by Hilton Nashville Downtown earlier this year for a total of $530 million. In addition, Host also bought out another one of Starwood’s properties – 1 Hotel South Beach in Miami Beach – back in 2019 at a whopping price tag of $610 million.
In terms of numbers, Host Hotels paid approximately $2,400 per square foot and over $1 million per room for this particular property situated at 1414 Ave. Of The Americas. This luxurious hotel boasts an impressive size spanning across an area of about110000 square feet with18 stories and housing a total numberof229 rooms.
As partofthe acquisition deal,the company entered intoa consolidated loan agreement worth$150millionwith afirmrepresented by Fried Frank Harris Shriver & Jacobsonas reportedbythe Business Journal.This latest development has been covered extensively on Connect CRE .
