Host Hotels & Resorts Announces Quarterly Dividends on Common and Preferred Stock
December 16 2008 - 8:30AM
PR Newswire (US)
BETHESDA, Md., Dec. 16 /PRNewswire-FirstCall/ -- Host Hotels &
Resorts, Inc. (NYSE:HST) today announced that its Board of
Directors authorized a regular quarterly cash dividend of $0.05 per
share on the Company's common stock, a reduction of $0.15 from its
prior regular quarterly cash dividend. The reduction in the
dividend reflects the weak fourth quarter operating environment,
which the Company expects will continue into 2009, and the
Company's desire to conserve cash in the midst of an uncertain and
challenging economic environment. The dividend is payable on
January 15, 2009 to stockholders of record on December 31, 2008.
The Company will provide an update on its business outlook and the
amount of future common dividends in its fourth quarter earnings
press release in February. The Company also declared a cash
dividend of $0.5546875 per share on its Class E cumulative
redeemable preferred stock for the fourth quarter of 2008. The
preferred dividend is payable on January 15, 2009 to stockholders
of record on December 31, 2008. ABOUT HOST HOTELS & RESORTS
Host Hotels & Resorts, Inc. is an S&P 500 and Fortune 500
company that is the largest lodging real estate investment trust
and one of the largest owners of luxury and upper upscale hotels.
The Company currently owns 117 properties with approximately 64,000
rooms, and also holds a minority interest in a joint venture that
owns 11 hotels in Europe with over 3,500 rooms. Guided by a
disciplined approach to capital allocation and aggressive asset
management, the Company partners with premium brands such as
Marriott(R), Ritz-Carlton(R), Westin(R), Sheraton(R), W(R), St.
Regis(R), The Luxury Collection(R), Hyatt(R), Fairmont(R), Four
Seasons(R), Hilton(R) and Swissotel(R)* in the operation of
properties in over 50 major markets worldwide. For additional
information, please visit the Company's website at
http://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," "plan," "predict,"
"project," "will," "continue" and other similar terms and phrases,
including references to assumption 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:
international, national and local economic and business conditions
that will affect occupancy rates at our hotels and the demand for
hotel products and services; operating risks associated with the
hotel business; risks associated with the level of our indebtedness
and our ability to meet covenants in our debt agreements;
relationships with property managers; our ability to maintain our
properties in a first-class manner, including meeting capital
expenditure requirements; our ability to compete effectively in
areas such as access, location, quality of accommodations and room
rate structures; changes in travel patterns, taxes and government
regulations which influence or determine wages, prices,
construction procedures and costs; our ability to complete
acquisitions and dispositions; and our ability to continue to
satisfy complex rules in order for us to qualify as 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 December 16,
2008, 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. * 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. DATASOURCE: Host Hotels &
Resorts, Inc. CONTACT: Gregory J. Larson, Executive Vice President
of Host Hotels & Resorts, Inc., +1-240-744-5120 Web Site:
http://www.hosthotels.com/
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