Starwood Capital Group has sold the 1 Hotel South Beach in Miami Beach, Florida for $610 million to Host Hotels & Resorts.
Starwood Capital Group acquired the 429-room Miami beachfront hotel in 2012. The Group renovated the 1970s-style hotel until 2015 and attached new 155 condominiums.
SH Hotels & Resorts, an affiliate of Starwood Capital Group, will continue to operate and manage the property as 1 Hotel South Beach.
“We’re excited to partner with Host Hotels to continue to expand the 1 Hotels brand. Host is the gold standard of quality institutional ownership,” said Barry Sternlicht, Chairman and CEO, Starwood Capital Group.
“We wanted a partner who would continue to invest in the hotel’s future, our new amenities in planning, and in our green mission. It is rewarding to launch the first mission driven hospitality brand and have it be recognized by discerning luxury travelers and by the investment community.”
“We are excited about the opportunity to acquire one of the absolute best luxury hotels in the country and partner with SH Hotels & Resorts as our operator. 1 Hotels is redefining the luxury hotel industry and we could not be more proud to own its flagship hotel. We look forward to being a big part of the brand’s future growth,” said James Risoleo, President and Chief Executive Officer, Host Hotels & Resorts.