Business
Host Hotels & Resorts Disposes of Sheraton New York Times Square Hotel
BETHESDA, Md., April 20, 2022 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST), the nation's largest lodging real estate investment trust (the
About this update from Host Hotels & Resorts, Inc.
[{"type":"text","content":"BETHESDA, Md., April 20, 2022 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST), the nation's largest lodging real estate investment trust (the \"Company\"), today announced that it has sold the 1,780-room Sheraton New York Times Square Hotel for approximately $373 million, which represents a 28.0x EBITDA multiple1 on 2019 EBITDA. The EBITDA multiple includes approximately $136 million of estimated foregone capital expenditures over the next five years. In connection with the sale, the Company is providing a $250 million bridge loan to the purchaser. James F. Risoleo, president and chief executive officer, said, “The sale of the Sheraton New York Times Square Hotel represents another important step in the transformation of our portfolio as we look to deploy capital into assets that will bolster our EBITDA growth profile. Since the beginning of 2021, we have invested $1.6 billion in early-cycle acquisitions, and we have disposed of eight hotels at a value of $1.4 billion, including amounts due under seller financing. The blended EBITDA multiple on our seven hotel acquisitions is 13.0x2, which compares favorably to the 17.7x1 EBITDA multiple, including estimated foregone capital expenditures, on our eight hotel dispositions.” About Host Hotels & Resorts Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 74 properties in the United States and five properties internationally totaling approximately 42,600 rooms. The Company also holds non-controlling interests in seven domestic and one international joint ventures. FORWARD LOOKING STATEMENTS Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those ...