Host sells majority interest in Philadelphia Marriott Downtown

Host Hotels & Resorts has sold an 89-percent interest in the entity that owns the Philadelphia Marriott Downtown based on a gross entity value of $303.4 million. The real estate investment trust retained an 11-percent interest in the joint venture with Clearview and funds managed by Oaktree Capital Management L.P.

"We are pleased to announce a sale that further reduces our exposure in non-core assets and brings our total dispositions since the beginning of 2012 to approximately $1.1 billion," said Struan B. Robertson, executive vice president and chief investment officer.  

Host Hotels & Resorts currently owns 99 properties in the United States and 15 properties internationally totaling approximately 60,000 rooms.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.
Read more on

Suggested Articles

Following its purchase of Seiler & Partenaires Holding SA, Aevis Victoria has bought eight Swiss hotels, including the InterContinental in Davos.

Ahead of IHIF, Enterprise Greece CEO Georgios Filiopoulos discusses the country's most-promising areas for hotel investment.

The luxury goods company is set to acquire Tiffany & Co. in a deal worth $16.2 billion.