Starwood Capital Group Announces Acquisition of West Hollywood Hotel Property
The Jeremy West Hollywood Hotel Expected to Open in Late Summer 2017 and to be Transformed into a 1 Hotel, an Award-Winning Luxury, Eco-Conscious, Lifestyle Brand
MIAMI, Fla. -- Starwood Capital Group, a leading global private investment firm, today announced that it has acquired, through a controlled affiliate, the newly constructed 286-key The Jeremy West Hollywood hotel property in West Hollywood, Ca. Terms of the transaction were not disclosed.
Over the course of the next year, The Jeremy will be transformed into the 1 West Hollywood and will become the fourth property in the award-winning eco conscious luxury sustainable brand created by Starwood Capital. When 1 West Hollywood opens it will join sister hotels in Manhattan,Brooklyn and Miami Beach. Other 1 Hotels under development include Cabo San Lucas, Mexico (fall 2019), Sunnyvale, California (late 2019) and Sanya, China (late 2018). As a testament to the brand's strong offerings, 1 Hotel Central Park was voted "Best Urban Hotel" in the world by Wallpaper Magazine earlier this year. Starwood Capital Group is expected to relaunch The Jeremy as the 1 West Hollywood towards the end of 2018.
"We are excited to acquire this amazing asset in the vibrant West Hollywood market and add it to our rapid growing 1 Hotels brand portfolio," said Starwood Capital Group Chairman Barry Sternlicht. "The opportunity to acquire this new extraordinarily located real estate in such an important destination with all of its amenities was extremely compelling to our brand and team. We can't wait to launch The Jeremy and later bring our award-winning luxury sustainability focused brand to a city and state that cares so much about the environment" Sternlicht concluded.
The Jeremy and the 1 West Hollywood will be managed by SH Group, Starwood Capital's in-house hotel management company, which manages the 1 Hotels brand and Baccarat hotel in Midtown Manhattan. The 1 West Hollywood will provide a world-class destination to Los Angeles while welcoming guests to the city's most beloved neighborhood, West Hollywood.
About Starwood Capital Group
Starwood Capital Group is a private investment firm with a core focus on global real estate, energy infrastructure and oil & gas. The Firm and its affiliates maintain 13 offices in five countries around the world, and currently have approximately 4,000 employees. Since its inception in 1991, Starwood Capital Group has raised $45 billion of equity capital, and currently has in excess of $60 billion of assets under management. The Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Over the past 27 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets. Additional information can be found at starwoodcapital.com.