Host Hotels is expanding its footprint in New York City thanks to a new purchase worth roughly $265 million.
The real estate investment trust said it acquired 1 Hotel Central Park on 1414 6th Ave in Manhattan.
"The acquisition price represents an 11.1x EBITDA multiple or a cap rate of approximately 8.1% on the Property's 2024 estimated results," Host Hotels said in a statement.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.