One among Brooklyn’s luxurious lodges is in new palms.
Host Motels & Resorts acquired the 1 Resort Brooklyn Bridge in Dumbo from Starwood Capital Companions for $202 million in money, the client announced. Host purchased a leasehold curiosity, which has 83 years left in its time period. The deal works out to greater than $1.03 million per key.
The lodge is predicted to be one of many firm’s high 10 property, it stated, based mostly on estimated full-year outcomes. Host expects complete RevPAR to achieve $1,130.
The lodge is situated at 60 Furman Avenue, alongside the East River and subsequent to the famed bridge. The 195-key property contains assembly area, a spa, underground parking, a health middle and a rooftop pool.
The bottom ground additionally options Barbuto Brooklyn, a restaurant by James Beard Award-winning chef Jonathan Waxman.
“The acquisition of 1 Resort Brooklyn Bridge expands our New York luxurious presence into a brand new submarket with important boundaries to entry whereas additional strengthening our relationship with the 1 Resort model,” Host CEO James Risoleo stated in a press release.
Host additionally introduced the acquisition of a price easy curiosity within the 308-room Renaissance Dallas at Plano Legacy West Resort in Texas for $172 million.
Host and Barry Sternlicht’s Starwood have discovered themselves on reverse sides of a New York lodge deal earlier than. In 2024, Host acquired 1 Resort Central Park from Starwood Capital Group for $265 million.
Host purchased the 18-story, 229-room constructing at 1414 Sixth Avenue with a $150 million mortgage from Lecturers’ Retirement System of NYC, in response to paperwork filed with the town. The mortgage changed a $162.5 million mortgage obtained in 2018.
Final 12 months, T2 Hospitality, a California-based funding group, acquired the Washington Marriott at Metro Heart for $128 million from Host.
Host’s portfolio spans 77 properties — principally in america — and practically 42,000 rooms.
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