Host Hotels & Resorts, Inc. terminates its agreement to acquire the Grand Hyatt Washington, D.C. (United States)
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Host Hotels & Resorts, Inc. terminates its agreement to acquire the Grand Hyatt Washington, D.C. (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy -
New brands / Affiliations
This is a press release selected by our editorial committee and published online for free on 2011-12-14
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.
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 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.
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