BETHESDA, Md., Jan. 27, 2011 /PRNewswire/ -- Host Hotels &
Resorts, Inc. (NYSE: HST) today announced that it has entered into
an agreement to purchase the fee simple interest in the 775-room
New York Helmsley Hotel at a purchase price of $313.5 million. The hotel is located in the
heart of midtown Manhattan, and
benefits from its oversized guestrooms and close proximity to Grand
Central Station, the United Nations Headquarters, the Midtown
Tunnel and the Chrysler Building.
(Logo: http://photos.prnewswire.com/prnh/20060417/HOSTLOGO)
At closing, Starwood Hotels and Resorts Worldwide, Inc. will
take over the management of the property as an unbranded hotel.
The hotel will undergo significant property improvements
including complete guestroom and guest bath renovations, as well as
upgrades to the meeting space. The Westin brand will be added
to the hotel upon completion of the property improvements, which is
projected to be early to mid-2012. The transaction is
expected to close in late March 2011,
and is subject to various closing conditions. CB Richard Ellis
Group, Inc. represented the seller on the transaction.
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 104 properties in the United States and nine international
properties totaling approximately 62,000 rooms. The Company
also holds a non-controlling interest in a joint venture that owns
11 hotels in Europe with
approximately 3,500 rooms and a second joint venture in
Asia that is developing seven
properties in India with
approximately 1,750 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®, Accor®, Swissotel®and Le
Meridien®* 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: national and
local economic and business conditions, including the effect on
travel of potential terrorist attacks, 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; and
our ability to continue to satisfy complex rules in order for Host
Hotels & Resorts, Inc. to remain a REIT for federal income tax
purposes and other risks and uncertainties associated with our
business described in our filings with the SEC. The completion of
the transaction is also subject to numerous closing conditions and
there can be no assurances that the transaction will be completed.
These closing conditions include, but are not limited to: the
accuracy of representations and warranties and compliance with
covenants, the absence of material events or conditions, and other
customary closing conditions. 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 press release is as of the date
of its release, and we undertake no obligation to update any
forward-looking statement to conform the statement to actual
results or changes in 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.
SOURCE Host Hotels & Resorts, Inc.