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News and Information Article
BETHESDA, Md., Feb. 15 /-FirstCall/ -- Host Marriott Corporation
(NYSE: HMT) today announced that in two separate transactions it has sold the
Fort Lauderdale Marina Marriott hotel ("Fort Lauderdale Marina") and that it
has reached a definitive agreement to sell the Swissotel The Drake, New York
("The Drake"). The total gross sale proceeds from both transactions are
expected to approximate $586 million. The sale of the Fort Lauderdale Marina
closed on January 27, 2006 and the sale of The Drake is subject to customary
closing conditions and is expected to close in March. The proceeds are
expected to be used to partially fund the Companys pending purchase of a
portfolio of 38 hotels from Starwood Hotels & Resorts Worldwide, Inc.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040324/HOSTMARRIOTTLOGO )
The 579-room Fort Lauderdale Marina is a 25-year-old property that
consists of a 273-room main tower and two low-rise wings. The hotel sustained
significant property damage and business interruption from Hurricane Wilma,
and currently is operating without the use of its main tower. Host expects to
receive future insurance proceeds associated with these events, which could be
meaningful, and will retain those proceeds under the terms of the sale of the
hotel.
The Drake is a 495-room hotel located on the corner of Park Avenue and
56th Street in Manhattan that originally opened in 1927. Also conveying with
the sale of the property are a small, adjacent building and certain other
related assets.
Christopher J. Nassetta, president and chief executive officer, noted, "We
are thrilled to announce the sales of the Fort Lauderdale Marina Marriott and
The Drake New York. These strategic sales are indicative of the strategy we
have articulated of capitalizing on value enhancement opportunities inherent
in our world-class portfolio of real estate. The execution of these
transactions also represents the first of our planned steps to finance the
cash portion of our pending acquisition from Starwood."
The hotels combined Earnings before Interest Expense, Taxes, Depreciation
and Amortization (EBITDA) was forecast to be approximately $23 million for
full year 2005, prior to the effect of Hurricane Wilma on the earnings of the
Fort Lauderdale Marina (EBITDA equals combined GAAP operating profit of
approximately $14 million plus combined depreciation expense of approximately
$9 million). These sales will be incorporated into the Companys updated 2006
guidance that will be released in conjunction with the release of its 2005
earnings on February 23, 2006.
Host Marriott Corporation is a Fortune 500 lodging real estate company
that currently owns or holds controlling interests in 105 upper upscale and
luxury hotel properties primarily operated under premium brands, such as
Marriott(R), Ritz-Carlton(R), Hyatt(R), Four Seasons(R), Fairmont(R),
Hilton(R) and Westin(R) (*). For further information, please visit the
Companys website at http://www.hostmarriott.com.
This press release contains forward-looking statements within the meaning
of federal securities regulations. These forward-looking statements are
identified by their use of terms and phrases such as "anticipate," "believe,"
"could," estimate," "expect," "intend," "may," "plan," predict," "project,"
"will," "continue" and other similar terms and phrases, including references
to assumption and forecasts of future results. 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: national and local
economic and business conditions, including the potential for terrorist
attacks, that will affect occupancy rates at our hotels and the demand for
hotel products and services; operating risks associated with the hotel
business; risks associated with the level of our indebtedness and our ability
to meet covenants in our debt agreements; relationships with property
managers; our ability to maintain our properties in a first-class manner,
including meeting capital expenditure requirements; our ability to compete
effectively in areas such as access, location, quality of accommodations and
room rate structures; changes in travel patterns, taxes and government
regulations which influence or determine wages, prices, construction
procedures and costs; our ability to complete pending acquisitions and
dispositions; and our ability to continue to satisfy complex rules in order
for us to qualify as a Real Estate Investment Trust for federal income tax
purposes and other risks and uncertainties associated with our business
described in the Companys filings with the Securities and Exchange
Commission. The completion of the sale of The Drake is subject to numerous
closing conditions, including the accuracy of representations and warranties
and compliance with certain covenants and there can be no assurances that
these conditions will be satisfied. 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 February 15, 2006, and the Company undertakes no obligation
to update any forward-looking statement to conform the statement to actual
results or changes in the Companys expectations.
(*) This press release contains registered trademarks that are the
exclusive property of their respective owners. None of the owners of these
trademarks has any responsibility or liability for any information contained
in this press release.
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