Host Hotels Announces Sale of Atlanta Marriott Marquis
Host Hotels & Resorts, Inc. (NYSE: HST) today announced that on January 11 Host Hotels & Resorts, L.P. ("Host LP") sold the 1,663-room Atlanta Marriott Marquis in Atlanta, GA for $293 million. The hotel is subject to a long-term management agreement with Marriott International, Inc. The proceeds will be used to fund future acquisitions, pay down debt or for general corporate purposes.
"I am excited to report our continued success in executing our asset sale strategy. In the past 12 months, we have sold four hotels for approximately $450 million. This sale meaningfully reduces our overall market presence in Atlanta, which now represents approximately 3% of our total revenues," said Gregory J. Larson, executive vice president, corporate strategy.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.