Real estate investment trust Host Hotels & Resorts has closed on the $233.8 million purchase of the 1 Hotel Central Park, according to New York property records.
The deal closed on July 12 and indicates previous owner Starwood Capital Group will still operate the property, based on a 25-year management agreement signed by the two companies.
The 234-room property located at 1414 Avenue of the Americas in Manhattan was first built in 1924 and was last renovated in late 2023, according to CoStar records.
This marks Host's latest investment in SH Hotels & Resorts' 1 Hotel brand, following the $530 million all-cash purchase of the 1 Hotel Nashville and Embassy Suites by Hilton Nashville Downtown earlier in the year.
The REIT also announced a deal to purchase the 450-room Turtle Bay Resort in Kahuku, Hawaii, from Blackstone Real Estate for $725 million, with plans to convert it to a Ritz-Carlton.