1 Hotel South Beach sells for $610 million to Maryland-based firm
The 1 Hotel South Beach has been sold for $610 million to Maryland-based Host Hotels, a real estate investment trust.
Starwood Capital Group, a private investment firm, and LeFrak, a real estate company, renovated the 1969 hotel after acquiring it in 2012 for $230 million. The 429-room hotel reopened as the very first 1 Hotel in 2015 on 23rd Street and Collins Avenue.
The $500 million renovation brought the former Gansevoort hotel new pool decks, a rooftop bar, a gym and a spa. The hotel gained a LEED Silver certification for sustainability.
“Given the One Hotel’s popularity and prime positioning directly on the ocean, it’s no surprise that the property was a highly sought after trophy asset,” said Jon Chassen, a partner at Miami-based law firm Bilzin Sumberg, who represented the sellers.
There are now 1 Hotels in Manhattan and Brooklyn, New York, and plans to open in Los Angeles, California. SH Hotels & Resorts, an affiliate of Starwood Capital Group, will continue to operate the South Beach location under the same name.
Host Hotels owns 98 hotels around the world, including the YVE Hotel in downtown Miami and the Marriott Miami Biscayne Bay.
This story was originally published February 20, 2019 at 5:11 PM.
