The landmark Century Plaza Hotel has been sold for $367 million to a group led by local real estate investor Michael Rosenfeld.

Rosenfeld’s Next Century Associates and an entity of global investment firm D.E. Shaw & Co. LP purchased the 19-story Century City hotel from Sunstone Hotel Investors Inc.

The deal for the 726-room hotel, which closed May 30, breaks down to about $505,000 per room. Hyatt will continue to operate the hotel.

San Clemente-based Sunstone, a real estate investment trust, purchased the property in 2005 for $293 million, or about $404,000 per room. It later spent $36 million on an extensive renovation, which included adding the popular X-Bar and an Equinox gym.

Rosenfeld is the founder of Woodridge Capital Partners, a real estate investment and development firm. Last summer Woodridge sold the Carlyle, a high-end condo tower on Wilshire Boulevard that is under construction, to Elad Group for $140 million.