Host Hotels & Resorts Inc., the nation’s largest lodging real estate investment trust, recently revealed that it sold the New York Marriott Marquis retail, theater, and signage commercial condominium units to Vornado Realty Trust. The sale’s price was $442 million.
In addition, the company closed on the sale of the W New York – Union Square for a sale price of $171 million.
The announcements demonstrate “our continued ability to identify, execute, and effectively monetize investment opportunities within our portfolio at very attractive pricing,” said James F. Risoleo, President and Chief Executive Officer.
Risoleo adds that “Based on 2018 forecasts, the sale price for these transactions represent a 26x EBITDA multiple. Further, these transactions allow us to take advantage of the remaining like-kind exchange benefits from our Hyatt portfolio acquisition earlier this year.”
The proceeds, he adds, “continue to strengthen our investment grade balance sheet and enhance our ability to make strategic investments that ultimately drive long-term value creation for our stockholders.”
Host Hotels currently owns 88 properties in the United States and six properties internationally totaling approximately 52,400 rooms. The company also holds non-controlling interests in seven domestic and international joint ventures.