Host Hotels & Resorts buys Brooklyn, Plano hotels for about $374 million
HST•Host Hotels & Resorts acquired the 195-room 1 Hotel Brooklyn Bridge for $202 million and the 308-room Renaissance Dallas at Plano Legacy West Hotel for about $172 million. The acquisitions are expected to contribute $6 million in ownership-period EBITDA.
1. Acquisition details
Host Hotels & Resorts acquired the leasehold interest in the 1 Hotel Brooklyn Bridge for $202 million in cash and the fee simple interest in the Renaissance Dallas at Plano Legacy West Hotel for approximately $172 million in cash. The Brooklyn property's ground lease has 83 years remaining. Based on estimated 2026 results, the acquisition capitalization rates are approximately 8.2% for Brooklyn and 7.9% for Plano. The acquisitions are expected to contribute $6 million in ownership-period EBITDA, approximately $4 million more than previously expected interest income.
