Host Hotels & Resorts sells majority stake in Philadephia Marriott Downtown

Host Hotels & Resorts, an owner of luxury and upscale hotels, has sold a majority stake in the Philadelphia Marriott Downtown. The company now holds an 11 percent interest in the hotel in a joint venture with Clearview and Oaktree Capital Management.


BETHESDA, Md., Jan. 13, 2014 /PRNewswire/ –­ Host Hotels & Resorts, Inc. (NYSE:HST) announced today that the Company sold an 89% interest in the entity that owns the Philadelphia Marriott Downtown (the “Hotel”) based on a gross entity value of $303.4 million. The Company retained an 11% interest in the joint venture with Clearview and funds managed by Oaktree Capital Management L.P.
“We are pleased to announce a sale that further reduces our exposure in non-core assets and brings our total dispositions since the beginning of 2012 to approximately $1.1 billion,” said Struan B. Robertson, executive vice president and chief investment officer.
Host Hotels & Resorts, Inc. is an S&P 500 and Fortune 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 99 properties in the United States and 15 properties internationally totaling approximately 60,000 rooms. The Company also holds non-controlling interests in a joint venture in Europe that owns 19 hotels with approximately 6,400 rooms and a joint venture in Asia that owns one hotel in Australia and a minority interest in two hotels in India. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, Le Meridien ®, The Luxury Collection®, Hyatt®, Fairmont®, Four Seasons®, Hilton®, Swissotel®, ibis®, Pullman®, and Novotel® in the operation of properties in over 50 major markets worldwide. For additional information, please visit the Company’s website at



Do you want exclusive news and analysis about private equity deals, fundraising, top-quartile managers and more? Get your FREE trial to Buyouts! Or subscribe now!