Host Hotels & Resorts to Develop Two Sites in Brazil, One Site in Tennessee

Host Hotels & Resorts, Inc. HST today announced that the Company has entered into an agreement to develop two hotels in Rio de Janeiro, Brazil and, through a joint venture agreement, will develop one hotel in Nashville, Tennessee.  The Company has acquired land and entered into a construction agreement with Galwan Engineering and Performance Realty to develop a 150-room Novotel hotel and a 255-room ibis hotel in Rio de Janeiro, Brazil for approximately $72 million.  As part of this transaction, the Company signed an agreement with Accor to manage the hotels.  Construction is scheduled to begin in July 2012 and the hotels are projected to open mid-year 2014.