Host Hotels Sells Majority Interest In The Philadelphia Marriott Downtown
Monday January 13th, 2014 - 9:33AM EB
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
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 •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.