BETHESDA, Md., Jan. 26, 2015 /PRNewswire/ -- Host Hotels & Resorts, Inc. (NYSE: HST) announced today that its European joint ventures' recently acquired 394-room Grand Hotel Esplanade Hotel in Berlin was converted to a Sheraton franchise in December 2014. EVENT Hotel Group, an established European operator, will continue to operate the hotel under a franchise agreement.
The Sheraton Berlin Grand Hotel Esplanade will be the first Sheraton in Berlin and over the next months, the hotel will unveil the Sheraton brand's signature offerings including a Sheraton Club Lounge, [email protected] and the revolutionary health and fitness program, Sheraton Fitness by Core® Performance.
The Grand Hotel Esplanade has a strong recognition in the German market given its historic reputation. The Sheraton brand will provide a stronger distribution channel, a lower reliance on OTAs and the ability to draw in foreign customers, particularly from the U.S. and thereby close the RevPAR gap that exists between the independently-flagged hotel and the internationally branded hotels in its competitive set.
"We are excited to extend our partnership with Starwood in Europe by converting this historic hotel to a Sheraton property under this franchise agreement. Event Hotel Group, who also holds a minority interest in the asset, will continue to manage the property and this winning combination will create substantial value at this hotel," said James F. Risoleo, executive vice president and managing director, Europe of Host Hotels & Resorts.
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 98 properties in the United States and 15 properties internationally totaling approximately 59,000 rooms. The Company also holds non-controlling interests in five joint ventures, including one in Europe that owns 20 hotels with approximately 6,800 rooms and one in Asia that has interests in three hotels in Australia and 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 Méridien®, The Luxury Collection®, Hyatt®, Fairmont®, Hilton®, Swissôtel®, 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.
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "plan," "predict," "project," "will," "continue" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: changes in national and local economic and business conditions that will affect occupancy rates at our hotels and the demand for hotel products and services; the impact of geopolitical developments outside the U.S. on lodging demand; volatility in global financial and credit markets; operating risks associated with the hotel business; risks and limitations in our operating flexibility associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; risks associated with our relationships with property managers and joint venture partners; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; the effects of hotel renovations on our hotel occupancy and financial results; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; risks associated with our ability to complete acquisitions and dispositions and develop new properties and the risks that acquisitions and new developments may not perform in accordance with our expectations; our ability to continue to satisfy complex rules in order for us to remain a REIT for federal income tax purposes; and other risks and uncertainties associated with our business described in the Company's filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
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SOURCE Host Hotels & Resorts, Inc.