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Host Hotels & Resorts

Host Hotels & Resorts, Inc.
Formerly
Host Marriott Corporation (1993-2005)
Public company
Traded asNYSEHST
S&P 500 Index component
IndustryReal estate investment trust
Founded1993; 26 years ago (1993)
Headquarters
Key people
Richard E. Marriott, Chairman
James F. Risoleo, President & CEO
RevenueIncrease $5.524 billion (2018)
Increase $1.099 billion (2018)
Total assetsIncrease $12.090 billion (2018)
Total equityIncrease $7.494 billion (2018)
Number of employees
184 (2019)
Websitewww.hosthotels.com
Footnotes / references
[1]

Host Hotels & Resorts, Inc. is a real estate investment trust that invests in hotels. As of February 21, 2019, the company owned 93 upscale hotels containing approximately 52,000 rooms.[1]

The company is ranked 502nd on the Fortune 500.[2]

History

In 1897, the Van Noy Brothers of Kansas City, Missouri, formed Van Noy Railway News and Hotel Company. The name was later changed to Host International Company.

In 1982, the company was acquired by Marriott Corporation for $120 million.[3][4]

In October 1993, Marriott Corporation separated into Marriott International and Host Marriott Corporation.[5]

In August 1995, the company announced the sale of 16 Courtyard hotels to Hospitality Properties Trust for $150 million in a leaseback transaction and the acquisition of the Dallas-Fort Worth Airport Marriott for $44 million and the Plaza San Antonio Hotel for $30 million.[6][7]

In August 1995, the company spun off its concessions unit, Host Marriott Services Corporation (now HMSHost), which operated highway and airport restaurants.[5]

In March 1997, the company acquired Forum Group, an owner of retirement communities, from Marriott International for $433 million in cash.[8]

In December 1998, the company spun off Crestline Capital Corporation, which operated senior living properties, and converted into a real estate investment trust.[9][10]

In April 2006, the company changed its name to Host Hotels & Resorts, Inc. after the acquisition of a portfolio of 38 Starwood hotels.[11][12]

In March 2009, the company sold the Hyatt Regency in downtown Boston to Hyatt for $110 million.[13]

In July 2012, Host Hotels bought the Grand Hyatt Hotel, an 888-room hotel at 1000 H St., NW, in downtown Washington, DC, for $400 million and re-branded it as the Grand Hyatt Washington.[14]

In June 2015, the company acquired The Phoenician resort in Scottsdale, Arizona, from Starwood for $400 million.[15]

In August 2016, the company acquired the ground lease under the Key Bridge Marriott, which it owned, for $54 million.[16][17]

In December 2016, president and chief executive officer W. Edward Walter resigned.[18]

In February 2017, the company acquired the Don CeSar Beach Resort in St. Pete Beach, Florida from Prudential Insurance and minority partner Loews Corporation for $214 million.[19]

In March 2017, the company acquired the W Hollywood Hotel in Los Angeles for $219 million.[20]

References

  1. ^ a b "Host Hotels & Resorts, Inc. 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Host Hotels & Resorts". Fortune.
  3. ^ "Marriott Offers To Buy Gino's". The New York Times. Associated Press. January 5, 1982.
  4. ^ Jones, William H. (December 21, 1981). "The Marriott 'Snack Attack'". The Washington Post.
  5. ^ a b "Host Marriott to Separate Concessions Unit From Hotel Holdings". The New York Times. August 10, 1995.
  6. ^ "HOST MARRIOTT SELLS 16 HOTELS AND BUYS 2". The New York Times. August 24, 1995.
  7. ^ McQuaid, Kevin L. (December 10, 1995). "Marriott's ploy begins to pay off Buying spree: Host Marriott's strategy of buying full-service hotels has paid off handsomely with a 9 percent rise in earnings and some of the world's most prestigious properties". The Baltimore Sun.
  8. ^ "Host Marriott Agrees to Buy Forum Group". Los Angeles Times. Bloomberg News. March 19, 1997.
  9. ^ McQuaid, Kevin L. (December 31, 1998). "Host Marriott to announce it's a REIT As real estate trust it expects to avoid millions in taxes". The Baltimore Sun.
  10. ^ Binkley, Christina; Kirkpatrick, David D. (April 17, 1998). "Host Marriott Plans to Become REIT, Purchase Luxury Hotels". The Wall Street Journal.
  11. ^ Rosenwald, Michael S. (November 15, 2005). "Host Marriott To Buy 38 Hotels". The Washington Post.
  12. ^ "Host Marriott Buys Starwood Hotels for $4B". Fox News. Reuters. November 14, 2005.
  13. ^ "HOST HOTELS SELLS HYATT REGENCY FOR $110M". Blumberg Partners. March 16, 2009.
  14. ^ Douglas, Danielle (July 17, 2012). "Host Hotels Buys Grand Hyatt Washington for $400M". The Washington Post.
  15. ^ "Starwood Hotels & Resorts Sells The Phoenician, A Luxury Collection Resort, Scottsdale" (Press release). Business Wire. June 8, 2015.
  16. ^ Cooper, Rebecca (August 1, 2016). "Changes could be coming to Key Bridge Marriott after lease sale". American City Business Journals.
  17. ^ Banister, Jon (August 2, 2016). "Host Hotels Buys Key Bridge Marriott Ground Lease, Considers Redevelopment". Bisnow Media.
  18. ^ Cooper, Rebecca (December 15, 2016). "Host Hotels CEO to step down". American City Business Journals.
  19. ^ "Host Hotels Pays $214M for Don CeSar Resort on St Pete Beach". Realty Advisors. February 23, 2017.
  20. ^ "Host Hotels & Resorts Announces Acquisition of the W Hollywood" (Press release). GlobeNewswire. March 8, 2017.

External links