“Host Hotels Plans To Sell $400 Million In Stock” plus 1 more

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Host Hotels Plans To Sell $400 Million In Stock Posted: 20 Aug 2010 04:57 AM PDT DOW JONES NEWSWIRES Host Hotels & Resorts Inc. (HST) plans to sell up to $400 million of stock to raise funds for potential acquisitions and other purposes. The lodging real-estate investment trust has an agreement with Bank of New York Mellon Corp. (BK) under which it will issue and sell the shares from time to time, according to its filing with the Securities and Exchange Commission. Host's market value is about $9.3 billion. The two parties recently completed a similar stock-sale effort that was announced a year ago. Host owns 111 properties world-wide and hires operating companies such as Marriott or Hilton Worldwide to manage them. A number of lodging REITs have been raising capital for potential acquisitions, as they believe market conditions will allow them to acquire high-quality properties at cyclically low prices. The lodging industry is in the midst of an uneven recovery after a long downturn that led to losses and bankruptcy filings in the sector. The industry's prospects turned up early this year, with a number of companies posting stronger bottom lines and credit agencies lifting their outlooks on several hoteliers, including Host. Last month it reported a surprise second-quarter profit and its first increase in revenue per available room, a key industry measure of performance, in two years. The company also raised its 2010 guidance. Shares closed Thursday at $13.65 and were inactive premarket. The stock is up 17% this year. Copyright © 2010 Dow Jones Newswires This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php Five Filters featured article: "Peace Envoy" Blair Gets an Easy Ride in the Independent.

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