BETHESDA, Md., Sept. 24, 2018 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NYSE: HST), the nation’s largest lodging real estate investment trust (the “Company”), today announced that it sold the New York Marriott Marquis retail, theater, and signage commercial condominium units (the “Retail”), to Vornado Realty Trust for a sale price of $442 million. In addition, the Company closed on the sale of the W New York – Union Square for a sale price of $171 million on September 6, 2018.
“Today’s announcements demonstrate our continued ability to identify, execute, and effectively monetize investment opportunities within our portfolio at very attractive pricing,” said James F. Risoleo, President and Chief Executive Officer. “Based on 2018 forecasts, the sale price for these transactions represent a 26x EBITDA multiple. Further, these transactions allow us to take advantage of the remaining like-kind exchange benefits from our Hyatt portfolio acquisition earlier this year. The proceeds continue to strengthen our investment grade balance sheet and enhance our ability to make strategic investments that ultimately drive long-term value creation for our stockholders.”
About Host Hotels & Resorts
Host Hotels & Resorts, Inc. is an S&P 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 88 properties in the United States and 6 properties internationally totaling approximately 52,400 rooms. The Company also holds non-controlling interests in seven domestic and international joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands in the operation of properties in over 50 major markets. For additional information, please visit the Company's website at www.hosthotels.com.
