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.
A BOUT H OST H OTELS & R ESORTS
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 www.hosthotels.com.