Host Hotels & Resorts announced three transactions: The company acquired the 242-room b2 miami downtown hotel for $57.5 million; acquired a 90-percent ownership interest in the entity that owns the 394-room Grand Hotel Esplanade in Berlin; and sold the 719-room Tampa Marriott Waterside Hotel & Marina for $199 million.
Struan B. Robertson, EVP and CIO, stated, "I am pleased to announce a series of transactions that increase our exposure to target markets in which we have been under-represented and reduce our exposure to markets that are not part of our long-term strategy. The sale of the Tampa Marriott Waterside hotel is the successful conclusion of a long process in which Host generated significant profit by developing the asset in 1999 and then disposing of it to recycle capital. The acquisition of the b2 miami downtown hotel offers Host not only increased presence in Miami but also an opportunity to create value with a fully unencumbered asset with long-term redevelopment potential."
In regard to the b2 miami, Host entered into a management agreement with Destination Hotels & Resorts to reposition and relaunch the hotel under a new independent identity in late 2014.
Regarding the Berlin property, the hotel was acquired for a gross purchase price of €81.0 million.