Host Hotels & Resorts, Inc. Announces Win In Texas Supreme Court

Host Hotels & Resorts, Inc.

, announced today that on October 3, 2014 the Company's litigation related to the San Antonio Marriott Rivercenter hotel ended in favor of the Company as the Texas Supreme Court denied the motion for rehearing from Keystone-Texas Holding Corp. On June 13, 2014, the Texas Supreme Court had overruled a lower court's $57.3 million verdict against the Company for allegedly interfering with an effort to sell a San Antonio shopping mall and adjacent land underlying the San Antonio Marriott Rivercenter hotel. Now that the decision by the Texas Supreme Court is final, the Company will reverse the $69 million loss contingency previously recorded under GAAP. In addition, a court-ordered bond will be released and the Company will recoup its previously funded $25 million escrow.