Host Accommodations & Accommodations Acquires 1 Resort Central Park in New York Metropolis
Host Accommodations & Accommodations, Inc. (NASDAQ: HST) (“Host” or the “Company”), the nation’s biggest lodging actual estate funding trust, these days announced that it has received the associated rate simple passion in the 234-room 1 Resort Central Park (the “Property”) for roughly $265 million in money. The acquisition impress represents an 11.1x EBITDA a few or a cap payment of roughly 8.1% on the Property’s 2024 estimated results1.
The Property is predicted to be amongst Host’s high-10 resources basically based mostly totally on estimated full 365 days 2024 results, with anticipated RevPAR of $545, Total RevPAR of $735, and EBITDA per key of over $100,0002, extra bettering the standard of the Company’s portfolio.
James F. Risoleo, President and Chief Executive Officer, acknowledged, “We’re wrathful so that you can add the 1 Resort Central Park to our portfolio and extra diversify Host’s presence in New York Metropolis, one of many discontinue performing RevPAR markets in the nation. This excessive performing hotel will provide publicity to the sumptuous guest in Higher Long island, the discontinue RevPAR submarket in the city. Here is our third 1 Resort acquisition, after Nashville and South Shoreline, and we look forward to continuing our tough partnership with the sustainable luxurious trace.”
Risoleo continued, “With meaningful in-net net page money waft, no shut to-time duration anticipated capital expenditures, extremely low anticipated offer increase, and an irreplaceable set apart upright one block from Central Park and Fifth Avenue’s luxurious making an strive district, we predict the Property to force extra impress creation for our stockholders.”
Opened in 2015, the LEED Certified® 1 Resort Central Park is a sustainable luxurious property with 234 keys, at the side of 25 suites and a these days added 5-key penthouse that offers mountainous terraces and a presidential suite. The lobby stage formula Jams, a three-meal restaurant and bar affiliated with James Beard award winner Jonathan Waxman. The 2nd floor offers 2,000 sq. feet of contiguous and versatile assembly condo, as smartly as a naturally lit health facility and alternate heart.
Moreover, the Company anticipates closing on the previously announced acquisition of the associated rate simple passion in the 450-room Ritz-Carlton O’ahu, Turtle Bay (the “Resort,”), later these days. The Resort is found on the North Shore of Oahu, Hawaii, and entails a 49-acre land parcel entitled for kind (the “Land Parcel”). The Company received the Resort and Land Parcel for roughly $680 million, fetch of key money. The acquisition impress represents a 16.3x EBITDA a few or a cap payment of roughly 5.3% on the Resort’s 2024 estimated results3. In step with preliminary 2025 forecasts and the conversion to a Ritz-Carlton, the acquisition impress represents an approximate 13.5x EBITDA a few or a cap payment of roughly 6.7%4.
Risoleo continued, “In 2024, we admire received $1.5 billion of iconic and irreplaceable hotels at a blended 13.6x EBITDA a few5. This represents over $100 million in estimated full-365 days EBITDA that we predict about will develop because the resources we received stabilize. Taking a gaze relief at the lunge to $2 billion of EBITDA we laid out upright over a 365 days previously at our investor day, we are midway against our purpose of $3 billion of acquisitions at a lower blended EBITDA a few than assumed. We’re extremely proud of the progress we admire made with these various acquisitions, and we remain centered on being opportunistically positioned transferring forward.”
About Host Accommodations & Accommodations
Host Accommodations & Accommodations, Inc. is an S&P 500 firm and is the biggest lodging actual estate funding trust and one of many biggest owners of luxurious and higher-upscale hotels. The Company at the 2nd owns 76 properties in the United States and 5 properties internationally totaling approximately 43,400 rooms. The Company furthermore holds non-controlling pursuits in seven domestic and one world joint ventures.
