Host Hotels & Resorts, inc. to acquire The New York Helmsley Hotel (United States)
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Host Hotels & Resorts, inc. to acquire The New York Helmsley Hotel (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2011-01-28
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.
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(R), Ritz-Carlton(R), Westin(R), Sheraton(R), W(R), St. Regis(R), The Luxury Collection(R), Hyatt(R), Fairmont(R), Four Seasons(R), Hilton(R), Accor(R), Swissotel(R)and Le Meridien(R)* in the operation of properties in over 50 major markets worldwide.
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