katamatheten





E-mail this post



Remember me (?)



All personal information that you provide here will be governed by the Privacy Policy of Blogger.com. More...



Host Hotels & Resorts Announces Purchase of Four Hotels in Europe By its European Joint Venture
BETHESDA, Md., May 4 /PRNewswire-FirstCall/ -- Host Hotels & Resorts,
Inc. (NYSE: HST) today announced that its joint venture in the Netherlands
with Stichting Pensioenfonds ABP, the Dutch pension fund, and Jasmine
Hotels Pte Ltd, an affiliate of GIC Real Estate Pte Ltd, the real estate
investment company of the Government of Singapore Investment Corporation
Pte Ltd, completed the purchase of four hotels from Starwood Hotels &
Resorts Worldwide, Inc. ("Starwood"). The Company also announced that it
contributed the Sheraton Warsaw Hotel & Towers to the joint venture.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060417/HOSTLOGO )
The four hotels purchased by the joint venture today include: The
Westin Palace, Madrid, located in Madrid, Spain (468 rooms); The Westin
Palace, Milan, located in Milan, Italy (228 rooms); the Sheraton Skyline
Hotel & Conference Centre, located in Hayes, United Kingdom (350 rooms);
and the Sheraton Roma Hotel & Conference Center, located in Rome, Italy
(634 rooms). The purchase of these hotels had been deferred from the
previous closing of the Company's purchase of assets from Starwood on April
10, 2006 as a result of certain notice requirements. The Company expects
that the fifth hotel that was deferred from the initial closing, The Westin
Europa & Regina, located in Venice, Italy, will be purchased by the joint
venture by June 15, 2006, at which time the initial joint venture
investment of approximately $621 million in six hotels will be complete.
The joint venture partners also are contemplating entering into an
expanded joint venture, which would be subject to antitrust clearance, that
would increase the aggregate size of the joint venture to euro 533 million
of equity, which including anticipated leverage would provide the joint
venture with aggregate funds available for investment of euro 1.5 billion
(including the funds invested in the six initial joint venture properties).

More Hotels resources:
Austria, Bulgaria, Croatia, Czech Republic, France, Germany, Greece, Holland, Hungary, Italy, Lithuania, Poland, Portugal, Romania, Russia, Spain, Turkey, UK

About Host Hotels & Resorts
Host Hotels & Resorts, Inc. is a lodging real estate company that
currently owns or holds controlling interests in 129 luxury and upper
upscale and hotel properties primarily operated under premium brands such
as Marriott(R), Westin(R), Sheraton(R), Ritz-Carlton(R), Hyatt(R), W(R),
Four Seasons(R), St. Regis(R), The Luxury Collection(R), Fairmont(R),
Hilton(R) and Swissotel(R)*. For further information please visit the
Company's website at http://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.
(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,"
"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: 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; our ability to complete pending acquisitions and
dispositions; and our ability to continue to satisfy complex rules in order
for us to qualify as a Real Estate Investment Trust for federal income tax
purposes and other risks and uncertainties associated with our business
described in the Company's filings with the Securities and Exchange
Commission. The acquisition of The Westin Europa & Regina from Starwood is
subject to numerous closing conditions and there can be no assurances that
we will complete the acquisition of this hotel. 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 May 3, 2006, 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.)


      Convert to boldConvert to italicConvert to link

 

Blogs

Links

Last posts

Previous posts

Archives