BETHESDA, Md., July 1, 2013 /PRNewswire/ -- Host Hotels & Resorts, Inc. (NYSE: HST) announced today that the Company sold the 336-room Ritz-Carlton, San Francisco for approximately $161 million to an investment vehicle sponsored by Thayer Lodging Group. The proceeds will be used to fund future acquisitions or for general corporate purposes.
"We are excited to announce this sale at an attractive price. As we have done in the past, we will, from time to time, make opportunistic sales of what we consider to be core assets in target markets for the right price. This brings our total dispositions since the beginning of last year to over $600 million," said Gregory J. Larson, 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 approximately 62,700 rooms. The Company also holds non-controlling interests in a joint venture in Europe that owns 19 hotels with approximately 6,100 rooms and a joint venture in Asia that owns one hotel with approximately 300 rooms in Australia and a minority interest in two hotels in India and five hotels that are in various stages of development 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.
* 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.