Starwood Capital Nabs West Hollywood Hotel
- Jul 31, 2017
Starwood Capital Group has acquired The Jeremy West Hollywood Hotel, a newly constructed 286-key hotel in West Hollywood, Calif., from the CIM Group for a reported $280 million.
Although it will open this August as The Jeremy Hotel—over the course of the next year—it will be renamed as 1 West Hollywood and will become the fourth property in Starwood Capital’s award-winning eco-conscious luxury sustainable brand.
“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,” Barry Sternlicht, Starwood Capital Group’s Chairman, said in a prepared release.
Designed by Skidmore, Owings & Merrill, the hotel features 50 suites, including two penthouse suites, a pool, fitness center, two large conference rooms and more than 10,000-square-feet of meeting and event space. It also offers a rooftop bar and lounge with 360 views, a café, restaurant and lobby bar.
Part of a Bigger Picture
Located on the corners of Sunset and La Cienega Boulevards, the project spans the southwest and southeast corners and totals nearly 500,000 square feet. It highlights plazas and public spaces designed to enhance the pedestrian experience on the Sunset Strip.
Part of the larger Sunset La Cienega mixed-use development, CIM Group will retain 42,000 square feet of street-level retail space, with nearly 50 percent of the space already earmarked for Fred Segal and its new flagship store. The company also recently sold the adjacent 8500 Sunset residential complex consisting of 190 residences in two eight-story buildings.
Sister hotels of 1 West Hollywood are already open in Manhattan, Brooklyn and Miami Beach, while other 1 Hotels under development include Cabo San Lucas, Mexico (fall 2019), Sunnyvale, Calif. (late 2019) and Sanya, China (late 2018).
The Jeremy and the 1 West Hollywood will be managed by SH Group, Starwood Capital’s in-house hotel management company.