Host Hotels & Resorts Announces the Completion of the Joint Venture Agreement With Hyatt and the Sale of the Toronto Airport Marriott Hotel
Host Hotels & Resorts (NYSE: HST) today announced that Host Hotels & Resorts, L.P. ("Host") recently completed the previously announced joint venture agreement with an affiliate of Hyatt Hotels Corporation ("Hyatt") to develop, sell and operate a 131-unit vacation ownership project adjacent to the company's Hyatt Regency Maui Resort & Spa. Construction has begun and the project is expected to open in late 2014.
In addition, on November 15, 2012, Host, consistent with its strategy to reduce its exposure to non-core, suburban, airport assets, closed on the sale of its 94.8% interest in the Toronto Airport Marriott Hotel for CAD$30.6 million and retained the FF&E reserve of CAD$1.7 million for total cash proceeds to Host of CAD$32.3 million.
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