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Host Hotels Pays $610M for South Beach Hotel

The deal follows up Host Hotels' sale of the Westin New York Grand Central hotel in New York City for $302 million in January.

The 429-room 1 Hotel South Beach underwent a $300-million renovation and repositioning that was completed in 2015. The 429-room 1 Hotel South Beach underwent a $300-million renovation and repositioning that was completed in 2015.

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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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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