{"id":1004301932,"date":"2019-02-21T06:14:23","date_gmt":"2019-02-21T14:14:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004301932"},"modified":"2019-02-21T10:03:42","modified_gmt":"2019-02-21T18:03:42","slug":"starwood-capital-lefrak-sell-miami-hotel-for-610m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/starwood-capital-lefrak-sell-miami-hotel-for-610m\/","title":{"rendered":"Starwood Capital, LeFrak Sell Miami Hotel for $610M"},"content":{"rendered":"
\"Oceanview<\/a>

Oceanview King Room at 1 Hotel South Beach<\/p><\/div>\n

Starwood Capital Group and LeFrak have sold 1 Hotel South Beach, a 429-key luxury hotel property in Miami Beach, Fla., to Host Hotels & Resorts in a transaction valued at $610 million, or approximately $1.4 million per key.<\/p>\n

1 Hotel South Beach last changed hands in 2012, when Starwood, LeFrak and Invesco Ltd. acquired the oceanfront property, then known as the Gansevoort, with a $100 million plan to transform it<\/a> into a premier resort. Three years and $300 million later, the property debuted as the first asset to operate under the nature-inspired 1 Hotel lifestyle brand. The 1.1 million-square-foot destination features 160,000 square feet of meeting space, eight food and beverage options, an 18,000-square-foot wellness center and spa and 23,000 square feet of upscale retail space, as well as 155 1 Homes-branded luxury condominium residences.<\/p>\n

Starwood will still have a connection to 1 Hotel South Beach, as its affiliate, SH Hotels & Resorts, will continue in its role of operator and manager of the property under new owner Host Hotels. \u201cWe wanted a partner who would continue to invest in the hotel’s future, our new amenities in planning, and in our green mission,\u201d<\/em> Barry Sternlicht, chairman & CEO, Starwood Capital Group, said in a prepared statement. \u201cIt is rewarding to launch the first mission-driven hospitality brand and have it be recognized by discerning luxury travelers and by the investment community.” <\/em><\/p>\n

Starwood relied on Hodges Ward Elliot to serve as broker on the transaction.<\/p>\n

Miami hospitality<\/strong><\/h2>\n

The 1 Hotel South Beach trade is a head-turning occurrence in the Miami investment sales market. In the 12-month period ending in the fourth quarter of 2018, 15 properties traded in Miami in transactions totaling $216.6 million, according to a report by commercial real estate services firm CBRE.<\/p>\n

The outlook for Miami, a top 5 U.S. hotel market, is bright. Market demand is on track to keep pace with the average annual growth in hotel supply until 2022, per the report.<\/p>\n

Image courtesy of Eric Laignel<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A new owner is on board at 1 Hotel South Beach, a landmark 429-key luxury property which underwent a multimillion-dollar transformation in 2015.<\/p>\n","protected":false},"author":969,"featured_media":1004301938,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,21783,1492,21742],"tags":[32789,38787,39205,33882,44300,34880],"class_list":["post-1004301932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-investment","category-miami","category-latest","tag-cbre","tag-hodges-ward-elliott","tag-host-hotels-resorts-inc","tag-invesco-real-estate","tag-lefrak","tag-starwood-capital-group"],"acf":[],"yoast_head":"\nStarwood Capital, LeFrak Sell Miami Hotel for $610M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/starwood-capital-lefrak-sell-miami-hotel-for-610m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Starwood Capital, LeFrak Sell Miami Hotel for $610M\" \/>\n<meta property=\"og:description\" content=\"A new owner is on board at 1 Hotel South Beach, a landmark 429-key luxury property which underwent a multimillion-dollar transformation in 2015.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/starwood-capital-lefrak-sell-miami-hotel-for-610m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-21T14:14:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-02-21T18:03:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/1-Hotel-South-Beach-Oceanview-King-Room.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/starwood-capital-lefrak-sell-miami-hotel-for-610m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/starwood-capital-lefrak-sell-miami-hotel-for-610m\/\",\"name\":\"Starwood Capital, LeFrak Sell Miami Hotel for $610M - 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