The 429-room 1 Hotel South Beach underwent a $300-million renovation and repositioning that was completed in 2015.
The deal follows up Host Hotels' sale of the Westin New York Grand Central hotel in New York City for $302 million in January.
February 20, 2019 at 08:06 AM
1 minute read
The original version of this story was published on Globe Street
MIAMI BEACH—Bethesda, MD-based Host Hotels & Resorts has added the 429-room 1 Hotel South Beach here to its portfolio in a deal valued at $610 million or a hefty $1.42 million a key.
Host Hotels has acquired the iconic hotel property from global private investment firm Starwood Capital Group and Lefrak. The hotel was the first 1 Hotel, which now also has properties in Manhattan, Brooklyn, and will be opening in Los Angeles in the second quarter this year.
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