Host Hotels Sells Majority Interest In The Philadelphia Marriott Downtown
Monday January 13th, 2014 - 9:33AM EB
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PHILADELPHIA—Host Hotels & Resorts, Inc. has sold an 89% interest in the entity that owns the Philadelphia Marriott Downtown based on a gross entity value of $303.4 million.
Host Hotels & Resorts retained an 11% interest in the joint venture with Clearview and funds managed by Oaktree Capital Management L.P.
"We are pleased to announce a sale that further reduces our exposure in non-core assets and brings our total dispositions since the beginning of 2012 to approximately $1.1 billion," stated Struan B. Robertson, EVP and CIO of Host Hotels & Resorts.
Tags: Host Hotels • Philadelphia Marriott Downtown • Hospitality • Brands • Acquisitions •
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