Host Hotels & Resorts, Inc. Announces the Sale of the Atlanta Marriott Marquis
BETHESDA, Md., Jan. 17, 2013 /PRNewswire/ -- Host Hotels & Resorts, Inc. (NYSE: HST) today announced that on January 11 Host Hotels & Resorts, L.P. ("Host LP") sold the 1,663-room Atlanta Marriott Marquis in Atlanta, GA for $293 million. The hotel is subject to a long-term management agreement with Marriott International, Inc. The proceeds will be used to fund future acquisitions, pay down debt or for general corporate purposes.
"I am excited to report our continued success in executing our asset sale strategy. In the past 12 months, we have sold four hotels for approximately $450 million. This sale meaningfully reduces our overall market presence in Atlanta, which now represents approximately 3% of our total revenues," said Gregory J. Larson, executive vice president, corporate strategy.
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.