Host Hotels & Resorts Closes $302 Million Sale of the Westin New York Grand Central Hotel
Host Hotels & Resorts, Inc. (NYSE: HST), the nation's largest lodging real estate investment trust (the "Company"), today announced that it closed on the previously announced agreement to sell the Westin New York Grand Central hotel for $302 million, including approximately $20 million of FF&E funds.
"We have been pleased with our continued execution of further reducing our exposure to New York, a key initiative set early on in my tenure as CEO. With the completion of this sale, we have sold 3 assets and the retail, signage, and theater condo space at the New York Marriott Marquis for $1.1 billion at very attractive pricing. We continue to strengthen our investment grade balance sheet and enhance our ability to make strategic investments that ultimately drive long-term value creation for our stockholders whether it is investing in our portfolio, acquiring assets, or buying back our stock," said James F. Risoleo, President and Chief Executive Officer.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
