BETHESDA, Md., March 24, 2011 /PRNewswire/ -- Host Hotels &
Resorts, Inc. (NYSE: HST) today announced that the Company has
closed on the acquisition of the entity that owns the 1,625-room
Manchester Grand Hyatt San Diego, and certain related rights, for
$570 million and on the acquisition
of the 775-room New York Helmsley Hotel for $313.5 million.
(Logo: http://photos.prnewswire.com/prnh/20060417/HOSTLOGO )
The Manchester Grand Hyatt San Diego has a premier waterfront
location adjacent to the city's Convention Center, central business
district, three miles from the San
Diego International Airport and within walking distance of
Seaport Village, the Gaslamp Quarter and Petco Park. The
hotel has approximately 125,000 net square feet of meeting space,
including a 34,000 square foot finished exhibit hall, additional
ballrooms of 30,000 and 25,000 net square feet, a junior ballroom
of 10,000 net square feet, and 41 breakout rooms. The hotel
also has a 10,000 square foot spa and six food and beverage
outlets. The Manchester Grand Hyatt San Diego transaction was
comprised of a combination of cash, including the repayment of
existing loans, and the issuance by the Company of common and
preferred operating partnership units.
The New York Helmsley 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. Starwood Hotels and Resorts, Worldwide,
Inc. has taken over the management of the property as an unbranded
hotel. The hotel will undergo significant property
improvements including complete guestroom 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.
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 106 properties in the United States and 16 international
properties totaling over 65,000 rooms, and also holds a
non-controlling interest in a joint venture that owns 11 hotels in
Europe with approximately 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®, Le Meridien®, The Luxury Collection®, Hyatt®,
Fairmont®, Four Seasons®, Hilton®, Novotel®, ibis® and Swissotel®*
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.