Host Hotels & Resorts, Inc. Announces Results of Special Dividend Elections
December 17 2009 - 8:30AM
PR Newswire (US)
BETHESDA, Md., Dec. 17 /PRNewswire-FirstCall/ -- Host Hotels &
Resorts, Inc. (NYSE:HST) announced the results of the election of
its stockholders relating to its special dividend of $0.25 per
share on its common stock, payable on December 18, 2009 to common
stockholders of record at the close of business on November 6,
2009. (Logo: http://www.newscom.com/cgi-bin/prnh/20060417/HOSTLOGO
) Based on the stockholder elections, the special dividend will
consist of approximately $15.6 million of cash and approximately
13.4 million shares of common stock. The value per share used to
determine the number of shares to be issued was calculated based on
the volume weighted average price per share of the Company's common
stock on the New York Stock Exchange for the three-day period ended
December 9, 2009, or $10.4584 per share. All fractional shares will
be paid in cash. Summarized results of the dividend election are as
follows: -- Holders of 84,582,030 shares of common stock elected to
receive the dividend all in common stock, and will receive the
dividend all in stock; and -- Holders of 538,830,272 shares of
common stock elected to receive the dividend all in cash, and will
receive $0.028924 per share in cash (11.6%) and $0.221076 per share
in stock (88.4%). The special dividend will be taxable to
stockholders for U.S. federal income tax purposes, without regard
to whether payment is received in cash, shares of common stock, or
a combination of both. Registered stockholders with questions
regarding the dividend election may call Computershare Trust
Company, N.A., the Information Agent, at 866-367-6351. Stockholders
who hold their shares through a bank, broker, or nominee and have
questions regarding the dividend election should contact their
bank, broker or nominee. The issuance of 13.4 million shares of
common stock pursuant to this dividend will result in an increase
of approximately 2% in shares outstanding as of the record date of
November 6, 2009. 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 112 properties with approximately 62,000 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®, Ritz-Carlton®,
Westin®, Sheraton®, W®, St. Regis®, The Luxury Collection®, Hyatt®,
Fairmont®, Four Seasons®, Hilton® and Swissotel®* 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 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. * 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.
http://www.newscom.com/cgi-bin/prnh/20060417/HOSTLOGO
http://photoarchive.ap.org/ DATASOURCE: Host Hotels & Resorts,
Inc. CONTACT: Investor Relations of Host Hotels & Resorts,
Inc., +1-240-744-5800 Web Site: http://www.hosthotels.com/
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