Starwood Capital to sell three ´1 Hotels´
Starwood Capital is reportedly seeking to sell all three 1 Hotels: two in New York, one in Miami. The move follows Starwood Capital’s typical strategy of getting projects developed, built, open, then sold. Starwood Capital could sell the hotels individually or as a portfolio at north of $800 million.
It’s the same gameplan it had for the Baccarat Hotel, which it sold to China’s Sunshine Group, even before it opened.
In New York, the 18-story, 229-room 1 Hotel Central Park opened in August. Starwood secured a $125-million refinancing for it shortly after. The 10-story, 194-room 1 Hotel Brooklyn Bridge is slated to open later this year at the Pierhouse complex in Brooklyn Heights.
It is estimated that the 1 Hotel Central Park hotel could fetch north of $1 million per room, and the Brooklyn Bridge Park hotel could get about $800,000 per room.
Earlier this month it was reported that 1 Hotel South Beach was being marketed. Expectations are that the 18-story, 426-key hotel could sell for $1 million per room.