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.

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