Host Hotels & Resorts completes acquisitions and sales
Host Hotels & Resorts acquires the 643-room Phoenician, a Luxury Collection resort near Scottsdale in the Southwest United States for US$400 million. The company plans to undertake a comprehensive renovation that will strategically occur during the hotel’s seasonal, low-occupancy summer periods to minimize disruption. Starwood will continue to operate the hotel under The Luxury Collection brand flag.
The company completed the sale of the Sheraton Needham for US$54 million. Meanwhile, its European joint venture sold the Crowne Plaza Amsterdam, for ?106.2 million, which includes the FF&E reserve. The company expects that two additional assets will be sold this quarter, subject to standard closing conditions, for a combined purchase price of approximately US$90 million.
The company has made progress on several of its previously announced strategic asset repositioning initiatives. Upon completion of the renovations at the Four Seasons Philadelphia later this year, the hotel will be renamed The Logan and join the Curio ? A Collection by Hilton for unique hotels. Similarly, following its repositioning plan, The Ritz-Carlton Phoenix will be renamed The Camby and join Marriott’s Autograph Collection.