Starwood Nears Sale of 1 Hotel Central Park to Host

Starwood Capital Group is nearing a deal to sell the 1 Hotel Central Park to Host Hotels & Resorts Inc. as high room rates drive investor interest in Manhattan’s lodging market.

The deal isn’t final and could still fall through, said people familiar with the matter who asked not to be identified discussing private details. Starwood sought more than $1 million per room for the property in a 2016 effort that did not lead to a sale. The hotel has about 230 rooms.