Host Hotels & Resorts, Inc. (ticker: HST, exchange: New York Stock Exchange (.N))
News Release -
Host Marriott Corporation Closes Sales of the Vail Marriott And Pittsburgh Marriott City Center HotelsBETHESDA, Md., Dec 20, 2001 /PRNewswire via COMTEX/ -- Host Marriott
Corporation (NYSE: HMT) today announced that it has closed on the previously
announced sale of the Vail Marriott hotel to Vail Resorts Inc. The Company also
announced the closing of the sale of the Pittsburgh Marriott City Center hotel
to the Shaner Hotel Group. Total sale proceeds for the two properties were
approximately $65 million. Approximately $20 million of the proceeds will be
used to repay the remaining outstanding balance under the revolving credit
facility, with the balance being retained for general corporate purposes.
Host Marriott is a lodging real estate investment trust which currently owns or
holds controlling interests in 122 upper upscale and luxury hotel properties
primarily operated under the Marriott, Ritz-Carlton, Hyatt, Four Seasons and
Swissotel brand names. For further information on Host Marriott Corporation,
please visit the company's website at http://www.hostmarriott.com.
Certain matters discussed in this press release are forward-looking statements
within the meaning of federal securities regulations. All forward- looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual transactions, results, performance or achievements to
be materially different from any future transactions, results, performance or
achievements expressed or implied by such forward-looking statements. General
economic, business and financing conditions, competition and governmental
actions will affect future transactions, results, performance and achievements.
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SOURCE Host Marriott Corporation
CONTACT: Greg Larson, Senior Vice President of Host Marriott
Copyright (C) 2001 PR Newswire. All rights reserved.