Sunday, February 20, 2011

LODGING: Host Hotels buys Manchester Grand Hyatt

LODGING: Host Hotels buys Manchester Grand Hyatt

LODGING: Host Hotels buys Manchester Grand Hyatt

Posted: 15 Feb 2011 11:40 AM PST

SAN DIEGO ---- Host Hotels & Resorts Inc., a Bethesda, Md.-based owner of luxury hotels, said Tuesday that it agreed to buy the 1,625-room Manchester Grand Hyatt San Diego hotel for $570 million.

The deal for the hotel, which is next to the San Diego Convention Center, includes a combination of cash, the repayment of existing loans and the issuance of stock. In a statement, Host, the nation's largest lodging real estate investment trust, said it expects the transaction to close in March, pending approval by the San Diego Unified Port District.

Call staff writer Pat Maio at 760-740-3527.

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