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Host Hotels & Resorts, Inc. Announces the Sale of the New York Marriott Marquis Retail and the Closing of the Sale of the W New York – Union Square

09/24/2018

BETHESDA, Md., Sept. 24, 2018 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NYSE: HST), the nation’s largest lodging real estate investment trust (the “Company”), today announced that it sold the New York Marriott Marquis retail, theater, and signage commercial condominium units (the “Retail”), to Vornado Realty Trust for a sale price of $442 million.  In addition, the Company closed on the sale of the W New YorkUnion Square for a sale price of $171 million on September 6, 2018. 

“Today’s announcements demonstrate our continued ability to identify, execute, and effectively monetize investment opportunities within our portfolio at very attractive pricing,” said James F. Risoleo, President and Chief Executive Officer.  “Based on 2018 forecasts, the sale price for these transactions represent a 26x EBITDA multiple.  Further, these transactions allow us to take advantage of the remaining like-kind exchange benefits from our Hyatt portfolio acquisition earlier this year.  The proceeds continue to strengthen our investment grade balance sheet and enhance our ability to make strategic investments that ultimately drive long-term value creation for our stockholders.”   

About Host Hotels & Resorts

Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 88 properties in the United States and 6 properties internationally totaling approximately 52,400 rooms. The Company also holds non-controlling interests in seven domestic and international joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands in the operation of properties in over 50 major markets. For additional information, please visit the Company's website at www.hosthotels.com.

Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements include forecast results and are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: changes in national and local economic and business conditions and other factors such as natural disasters, pandemics and weather that will affect occupancy rates at our hotels and the demand for hotel products and services; the impact of geopolitical developments outside the U.S. on lodging demand; volatility in global financial and credit markets; operating risks associated with the hotel business; risks and limitations in our operating flexibility associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; risks associated with our relationships with property managers and joint venture partners; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; the effects of hotel renovations on our hotel occupancy and financial results; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; risks associated with our ability to complete acquisitions and dispositions and develop new properties and the risks that acquisitions and new developments may not perform in accordance with our expectations; our ability to continue to satisfy complex rules in order for us to remain a REIT for federal income tax purposes; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to make special dividends; and other risks and uncertainties associated with our business described in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

Bret D.S. McLeod
Senior Vice President & Treasurer
240.744.5216

Gee Lingberg
Vice President
240.744.5275

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Host Hotels & Resorts, Inc.