Host Hotels & Resorts, Inc. Announces Two Transactions
BETHESDA, Md., June 25, 2012 /PRNewswire/ –?Host Hotels & Resorts, Inc. (NYSE: HST) today announced that the Company has entered into an agreement to develop two hotels in Rio de Janeiro, Brazil and, through a joint venture agreement, will develop one hotel in Nashville, Tennessee.?
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The Company has acquired land and entered into a construction agreement with Galwan Engineering and Performance Realty to develop a 150-room Novotel hotel and a 255-room ibis hotel in Rio de Janeiro, Brazil for approximately $72 million.? As part of this transaction, the Company signed an agreement with Accor to manage the hotels.? Constru…