Host Hotels & Resorts Inc was incorporated as a Maryland corporation in 1998 and operates as a self-managed and self-administered REIT. It owns properties and conducts operations through Host L.P., of which the company is the sole general partner and in which it holds approximately 99% of the partnership interests. The Company's consolidated lodging portfolio consists of 114 primarily luxury and upper-upscale hotels containing approximately 59,000 rooms, with the majority located in the United States, and with 17 of the properties located outside of the U.S. in Australia, Brazil, Canada, Chile, Mexico and New Zealand. The Company owns non-controlling interests in two international joint ventures: a joint venture in Europe, which owns 19 luxury and upper upscale hotels with approximately 6,500 rooms in Belgium, France, Germany, Italy, Poland, Spain, Sweden, the Netherlands and the United Kingdom; and a joint venture in Asia/Pacific, which owns one upscale hotel in Australia and minority interests in three operating hotels, two upscale and one midscale, in India and four additional hotels in India currently under development. The Company also holds non-controlling investments in two hotels and a timeshare joint venture. The Company's hotels operate in urban and resort markets either as luxury properties under such brand names as Fairmont Grand Hyatt JW Marriott Ritz-Carlton St. Regis The Luxury Collection and W or as upper upscale properties under such brand names as Embassy Suites Hilton Hyatt Le Meridien Marriott Executive Apartments Marriott Marquis Marriott Suites Pullman Renaissance Sheraton Swissotel and Westin. The Company also selectively invests in upscale and midscale properties such as Courtyard by Marriott Crowne Plaza Four Points by Sheraton Hyatt Place ibis Novotel or Residence Inn by Marriott particularly in international markets. The Company competes with other hotels in the luxury and upper upscale segments. The Company also competes with hotels in lower-tier segments. As a REIT, the company is subject to various restrictions on the types of income it can earn, assets it can own and activities in which it can engage. Business activities that could be restricted by applicable REIT laws include, but are not limited to, activities such as developing alternative uses of real estate, including the development and/or sale of timeshare or condominium units.