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Aug. 2, 2012 /PRNewswire/ -- Host Hotels & Resorts, Inc. (NYSE:HST) today announced that on
July 30, 2012, Host Hotels & Resorts, L.P. ("Host") entered into a lease with Vornado Realty Trust (NYSE:VNO) ("Vornado") to allow Vornado to redevelop the retail and signage components of the New York Marriott Marquis Times Square hotel. Vornado plans to spend as much as
$140 million to redevelop and substantially expand the existing retail space, including converting the below-grade parking garage into superior high-end retail space and creating six-story, block front, dynamic LED signage spanning over 300 linear feet, dramatically improving the hotel's presence on Times Square.
The lease, which has a 20-year term, is expected to generate substantial economic benefits to Host. Over the term of the lease, each party has options that, if exercised, would result in ownership of the leased space being conveyed to Vornado at a price based on the future cash flow of the leased property.
ABOUT HOST HOTELS & RESORTS Host Hotels & Resorts, Inc. is an S&P 500 and Fortune 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 104 properties in
the United States and 16 properties internationally totaling approximately 65,000 rooms. The Company also holds non-controlling interests in a joint venture in
Europe that owns 14 hotels with approximately 4,400 rooms and a joint venture in
Asia that owns one hotel with approximately 300 rooms in
Australia and a minority interest in seven hotels with approximately 1,750 rooms in
India, two of which recently opened in
Bangalore and five that are in various stages of development in two cities. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott
®, St. Regis
Le Meridien®, The Luxury Collection
®, Four Seasons
®, and Novotel
®* in the operation of properties in over 50 major markets worldwide. For additional information, please visit the Company's website at
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements include forecast results and 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 assumption 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 anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: Vornado's ability to redevelop successfully the leased space at the New York Marriott Marquis, including obtaining the necessary city and zoning approvals and entitlements, and to complete the redevelopment as currently anticipated; risks that Vornado's rental of the retail space at the property will not perform in accordance with current projections; national and local economic and business conditions, including the effect on travel of potential terrorist attacks, that will affect occupancy rates at our hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; relationships with property managers; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in taxes and government regulations which influence or determine wages, prices, construction procedures and costs; and other risks and uncertainties associated with our business described in the Company's annual report on Form 10‑K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
* This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release.