“Host Hotels to Host a NY Hotel” plus 1 more |
| Host Hotels to Host a NY Hotel Posted: 28 Jan 2011 08:15 AM PST , On Friday January 28, 2011, 11:15 am EST Host Hotels & Resorts Inc. (NYSE: HST - News), the largest lodging real estate investment trust (REIT) in the U.S., has recently decided to acquire New York Helmsley Hotel for $313.5 million. The 775-room upscale hotel is strategically located in the heart of midtown Manhattan in close proximity to the various tourist spots such as the Grand Central Station, the United Nations Headquarters, the Midtown Tunnel and the Chrysler Building. The transaction is expected to conclude by March 2011. The property will be initially managed by Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT - News), one of the leading hotel and leisure companies in the world, as an unbranded hotel. Later in 2012, the hotel would be rechristened as a Westin brand after undergoing significant renovations. Earlier in December 2010, Host Hotels had acquired 7 hotels in New Zealand for $143 million. Host Hotels purchased 6 hotels from the affiliates of Tourism Asset Holdings Ltd– the largest owner of hotels in Australia and New Zealand, while the remaining hotel was acquired from an affiliate of Accor – the world's leading hotel manager and market leader in Europe. The properties with over 1,200 rooms are spread across Auckland, Christchurch, Queenstown and Wellington. The acquisition spree is part of the long-term strategy of the company to make the most of the improving market fundamentals by purchasing assets at discounted prices. Host Hotels anticipates the gradual revival of the overall economy to have a positive impact on its operating results in 2011. According to a report published by Jones Lang LaSalle Incorporated (NYSE: JLL - News), a leading full-service real estate firm, hotel sales and acquisitions would increase to the tune of 25% in 2011 in the Americas with investors vying for premium assets. Jones Lang further anticipates that transaction volume would total approximately $13.0 billion in 2011, significantly up from about $10.5 billion in the previous year. The report cites that a healthy rebound in the U.S. business and leisure travel has attracted a wide array of investors to the hotel industry, including investors from the Middle East. According to Smith Travel Research Inc., an independent research company in the lodging industry, hotel revenue per available room (RevPAR) in the top 25 U.S. markets rose to $76.61 during the first 11 months of 2010 from $71.55 in the year-ago period. Host Hotels is one of the largest owners of luxury and upper-upscale hotels, primarily operated under premium brands, such as Marriott, Westin, Sheraton, Ritz-Carlton, Hyatt, W, Four Seasons and St. Regi. Based in Bethesda, Maryland, Host Hotels owns properties and conducts operations through Host Hotels & Resorts. L.P., which is a limited partnership, where Host Hotels & Resorts Inc. is the sole general partner, and enjoys approximately 98.0% of partnership interest. Host Hotels currently owns 104 properties in the U.S. and 9 international properties totaling approximately 62,000 rooms, and also holds a non-controlling interest in a joint venture that owns 11 hotels in Europe with approximately 3,500 rooms. Most of the properties of the company are located in areas with high barriers to entry, having the potential for significant capital appreciation. The rating on Host Hotels is currently 'Neutral'. The stock presently has a Zacks #3 Rank, which translates into a short-term 'Hold' recommendation and indicates that the stock is expected to perform in line with the overall U.S. equity market for the next 1−3 months. STARWOOD HOTELS&RESORTS WRLD (HOT): Read the Full Research Report JONES LANG LASALLE INC (JLL): Read the Full Research Report HOST HOTELS & RESORTS INC (HST): Read the Full Research Report Follow Yahoo! Finance on ; become a fan on Facebook. 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 |
| Marriott, AC Hotels to provide lodging in Europe, Latin America Posted: 20 Jan 2011 04:32 AM PST BETHESDA, Md. (AP) - Marriott International Inc. and Spanish hotel group AC Hotels are teaming up in a joint venture to manage and franchise a new lodging co-brand across Europe and Latin America. More than 90 AC Hotels in Spain, Italy and Portugal will be rebranded as AC Hotels by Marriott. The properties will also enter long-term management or franchise deals with the joint venture, the companies said Thursday. Marriott, based in Bethesda, Md., is looking to double its European portfolio over five years to 80,000 rooms. The AC Hotels by Marriott joint venture will have 9,100 rooms when it launches. The joint venture is targeted to close in the first quarter. (Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.) 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 |
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