Property Management Real Estate Company Closes Acquisition On Two Premium Hotels

by Property Management on March 26, 2011

Real Estate Property Management Company

Real Estate Property Management Company

Property management real estate company, Host Hotels & Resorts, Inc.today announced that the Company has closed on the acquisition of the entity that owns
the 1,625-room Manchester Grand Hyatt San Diego, and certain related rights, for $570 million and on the acquisition of the 775-room New York Helmsley Hotel
for $313.5 million.

The Manchester Grand Hyatt San Diego has a premier waterfront location adjacent to the city’s Convention Center, central business district, three miles from the San Diego International Airport and within walking distance of Seaport Village, the Gaslamp Quarter and Petco Park.  The hotel has approximately 125,000 net square feet of meeting space, including a 34,000 square foot finished exhibit hall, additional ballrooms of 30,000 and 25,000 net square feet, a junior ballroom of 10,000 net square feet, and 41 breakout rooms.  The hotel also has a 10,000 square foot spa and six food and beverage outlets.

The Manchester Grand Hyatt San Diego transaction was comprised of a combination of cash, including the repayment of existing loans, and the issuance by the company of common and preferred operating partnership units.

The New York Helmsley Hotel is located in the heart of midtown Manhattan, and benefits from its over sized guestrooms and close proximity to Grand Central Station, the United Nations Headquarters, the Midtown Tunnel and the Chrysler Building.  Starwood Hotels and Resorts, Worldwide, Inc. has taken over the management of the property as an unbranded hotel.  The hotel will undergo significant property improvements including complete guestroom renovations, as well as upgrades to the meeting space.  The Westin brand will be added to the hotel upon completion of the property improvements, which is projected to be early to mid-2012.

Source:  Host Hotels & Resorts, Inc., March 24, 2011

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