Host Hotels & Resorts—a lodging real estate investment trust based in Bethesda, Maryland—has purchased the 1 Hotel Central Park for $233.8 million, according to New York property records filed on July 12th, as reported by CoStar.
In a separate report from Bisnow, a Starwood spokesperson stated the final sale price closed higher at $265 million.
Starwood Capital Group, a private investment firm founded by Barry Sternlicht, will remain the operator of the property, based on a 25-year management agreement signed by the two companies.
According to CoStar records, the 234-room hotel at 1414 Avenue of the Americas in Manhattan was originally built in 1924 and was most recently renovated in late 2023.
The deal represents Host’s latest investment in SH Hotels & Resorts’ eco-conscious 1 Hotels brand. It follows its May acquisition of a two-hotel complex, comprising 1 Hotel Nashville and Embassy Suites by Hilton Nashville Downtown, for approximately $530 million.
Host Hotels & Resorts also recently entered an agreement to buy the 450-room Turtle Bay Resort in Kahuku, Hawaii, from Blackstone Real Estate for approximately $680 million. The transaction is expected to close late July.
More from HD:
Retail Design Trends: Gen Z Pushes Physical Stores To Upgrade
The Men Behind Some of New York’s Most Storied Hotels
Carlton Cannes Harmonizes the Past and Present
