Starwood Capital Group is looking to check out of its 1 Hotel brand. The group, headed by hotel impresario Barry Sternlicht, 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. It's the same gameplan it had for the Baccarat Hotel, which it sold to China's Sunshine Group, even before it opened.
The Real Deal reports that Starwood Capital could sell the hotels individually or as a portfolio at north of $800 million.
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.
Sources told TRD that the 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, The Real Deal reported that 1 Hotel South Beach was being marketed. Expecations are that the 18-story, 426-key hotel could sell for $1 million per room.
Hodges Ward Elliott is marketing all three hotels for sale.