Host Marriott Corporation has sold six hotels for total proceeds of approximately $223 million…
Host Marriott Corporation has sold six hotels for total proceeds of approximately $223 million. The six hotels sold include the Albuquerque Marriott, the Bethesda Marriott, the Hartford Marriott Farmington, the Salt Lake City Marriott, the Tampa Marriott Westshore and the Torrance Marriott.
The hotels were sold in three separate transactions that closed in late December and early January.
The proceeds will be reinvested in the purchase of upper-upscale or luxury hotels consistent with the Company`s target profile, return on investment projects, repayment of debt obligations, or other corporate purposes. The dispositions will result in a book gain in excess of $45 million.
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