1 Hotel Central Park

Starwood Capital Group, led by Barry Sternlicht, is close to selling 1 Hotel Central Park in Midtown Manhattan to Host Hotels & Resorts. The 229-key property at 1414 Sixth Avenue, bought by Starwood in 2011 for $72 million, opened as a hotel in 2015. Host Hotels is finalizing the deal, though the exact price is unknown and the transaction could still fall through. The Manhattan hotel market is currently favorable, with rising room rates and limited new supply due to regulatory hurdles. Starwood and Host recently completed other deals, including a $500 million transaction in Nashville and a $680 million purchase in Hawaii.