Host Hotels & Resorts Closes On Pair of Properties
- Mar 25, 2011
March 25, 2011
By Allison Landa, News Editor
Host Hotels & Resorts has just closed on two impressive deals on either side of the country. The company has purchased the 1,625-room Manchester Grand Hyatt San Diego for $570 million and the 775-room New York Helmsley Hotel for $313.5 million.
The Manchester Grand Hyatt San Diego is located on the city’s waterfront near the convention center and central business district and is three miles from San Diego International Airport. It features 125,000 square feet of meeting space, including a 34,000-square-foot finished exhibit hall, ballrooms of 30,000 and 25,000 square feet, a junior ballroom of 10,000 square feet and 41 breakout rooms. The transaction was comprised of a combination of cash, including repayment of existing loans, and company issuance of common and preferred operating partnership units.
The New York Helmsley Hotel is located in Midtown Manhattan near Grand Central Station, the United Nations headquarters and the Chrysler Building. The hotel, which is slated for major propery improvements and renovations, will be managed by Starwood Hotels & Resorts Worldwide Inc. Upon completion of those renovations, it will be rebranded as a Westin in early to mid-2012.
Host owns 106 U.S. properties and 16 international properties totaling more than 65,000 rooms. It also holds a non-controlling interest in a joint venture that owns 11 hotels in Europe with 3,500 rooms.