Press release from PR Newswire
Host Hotels & Resorts, Inc. Closes the Acquisition of the Manchester Grand Hyatt San Diego and the New York Helmsley Hotel
Thursday, March 24, 2011
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.
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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.
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