Host Hotels pays $219m for Hollywood hotel
Host Hotels & Resorts has acquired the 305-room W Hollywood, which includes 10,800 square feet of high-quality retail space and seven billboards, for $219 million. The seller was a joint venture between HEI Hotels & Resorts and Gatehouse Capital.
HEI and Gatehouse developed the hotel, and it opened in 2010. It is centrally located in the dynamic and rapidly growing Hollywood submarket. The surrounding area features a strong base of business and transient demand generators and serves as a hub for a thriving creative community and entertainment related companies. The hotel is also fully unencumbered by brand and management upon sale, beginning in 2021. The property is managed by Starwood Hotels & Resorts, which owns the W brand.
In February, Host Hotels acquired the 277-room Don CeSar and Beach House Suites complex in St. Pete Beach, Fla., for $214 million. The property will be managed by Davidson Hotels & Resorts. Known as the Pink Palace, the resort ope