Host Hotels & Resorts has acquired the 1 Hotel Central Park from Starwood Capital Group for $265 million, securing a $150 million mortgage from the Teachers’ Retirement System of NYC. This new mortgage replaces a previous $162.5 million mortgage obtained in 2018, suggesting a decreased valuation of the property. The 18-story, 229-room hotel, located at 1414 Sixth Avenue, was originally purchased by Starwood in 2011 for $72 million and opened as 1 Hotel Central Park in 2015. The transaction follows Starwood’s earlier attempt to sell its trio of 1 Hotels in 2016.
1414 Sixth Avenue
