Host Hotels & Resorts, Inc. Announces Standard & Poor's Upgrade Of The Company's Senior Unsecured Debt Rating To Investment Grade
BETHESDA, Md., Feb. 25, 2013 /PRNewswire/ -- Host Hotels & Resorts, Inc. (NYSE: HST) today announced that on February 21 Standard & Poor's ("S&P") raised Host Hotels & Resorts, L.P.'s senior unsecured debt rating to 'BBB-' from 'BB+', which represents an investment grade rating by S&P. The upgrade reflects S&P's expectation that the Company's credit measures will improve in 2013 to a level that represent a cushion relative to their thresholds at the new rating.
"We are excited to report that our senior unsecured debt is now rated investment grade by two rating agencies. This will further reduce our cost of capital and provide the Company with better access to capital throughout the business cycle. The upgrade is the direct result of the focus and commitment we place on having the best balance sheet in our industry," said Larry K. Harvey, executive vice president and chief financial officer.
ABOUT HOST HOTELS & RESORTS
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 103 properties in the United States and 15 properties internationally totaling over 62,300 rooms. The Company also holds non-controlling interests in a joint venture in Europe that owns 19 hotels with over 6,100 rooms and a joint venture in Asia that owns one hotel with approximately 300 rooms in Australia and a minority interest in seven hotels with approximately 1,750 rooms in India, two of which recently opened in Bangalore and five that are in various stages of development in two cities. 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.
* This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release.
SOURCE Host Hotels & Resorts, Inc.