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1 Hotel South Beach Sells for Whopping $1.4 Million Per Key

Starwood Capital, LeFrak Sell Miami Hotel for $610M

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.


Oceanview King Room at 1 Hotel South Beach Oceanview King Room at 1 Hotel South Beach

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.

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 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.

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. “We wanted a partner who would continue to invest in the hotel’s future, our new amenities in planning, and in our green mission,” Barry Sternlicht, chairman & CEO, Starwood Capital Group, said in a prepared statement. “It is rewarding to launch the first mission-driven hospitality brand and have it be recognized by discerning luxury travelers and by the investment community.”

Starwood relied on Hodges Ward Elliot to serve as broker on the transaction.




  • Alex A. Garcia , CPA | Real Estate Investment Advisor
  • AG Real Estate Services, Inc.
  • Direct: (305) 987-5310 Office: (305) 987-5310 Fax: (305) 271-4777
  • 1688 Meridian Avenue 7th Floor Miami Beach, FL 33139
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