Press release from PR Newswire
Host Hotels & Resorts, Inc. Terminates Its Agreement to Acquire the Grand Hyatt Washington, D.C.
Tuesday, December 13, 2011
Host Hotels & Resorts, Inc. Terminates Its Agreement to Acquire the Grand Hyatt Washington, D.C.08:30 EST Tuesday, December 13, 2011BETHESDA, Md., Dec. 13, 2011 /PRNewswire/ -- Host Hotels & Resorts, Inc. (NYSE: HST) announced that it terminated its agreement to acquire the 888-room Grand Hyatt Washington, D.C. In conjunction with the termination, the Company forfeited its $15 million deposit. Although the Company elected not to complete this transaction, it fully expects to pursue other acquisition opportunities in 2012. (Logo: http://photos.prnewswire.com/prnh/20060417/HOSTLOGO )ABOUT HOST HOTELS & RESORTSHost 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 105 properties in the United States and 16 properties internationally totaling approximately 65,000 rooms. The Company also holds non-controlling interests in a joint venture in Europe that owns 13 hotels with approximately 4,200 rooms and a joint venture in India that is developing seven hotels in three cities with approximately 1,800 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®, Swissotel®, ibis®, Pullman® and Novotel®* 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 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: our ability to complete acquisitions and dispositions and the risk that potential acquisitions may not perform in accordance with expectations; national and local economic and business conditions, including the potential for 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 us to remain 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.SOURCE Host Hotels & Resorts, Inc.For further information: CONTACT: Gregory J. Larson, Executive Vice President Investor Relations, +1-240-744-5800, of Host Hotels & Resorts, Inc.