Host Hotels & Resorts, Inc. Announces the Completion of the Joint Venture Agreement With Hyatt and the Sale of the Toronto

  Host Hotels & Resorts, Inc. Announces the Completion of the Joint Venture
   Agreement With Hyatt and the Sale of the Toronto Airport Marriott Hotel

PR Newswire

BETHESDA, Md., Nov. 20, 2012

BETHESDA, Md., Nov. 20, 2012 /PRNewswire/ --Host Hotels & Resorts, Inc.
(NYSE:HST) today announced that Host Hotels & Resorts, L.P. ("Host") recently
completed the previously announced joint venture agreement with an affiliate
of Hyatt Hotels Corporation ("Hyatt") to develop, sell and operate a 131-unit
vacation ownership project adjacent to the company's Hyatt Regency Maui Resort
& Spa. Construction has begun and the project is expected to open in late
2014.

(Logo: http://photos.prnewswire.com/prnh/20060417/HOSTLOGO )

In addition, on November 15, 2012, Host, consistent with its strategy to
reduce its exposure to non-core, suburban, airport assets, closed on the sale
of its 94.8% interest in the Toronto Airport Marriott Hotel for CAD$30.6
million and retained the FF&E reserve of CAD$1.7 million for total cash
proceeds to Host of CAD$32.3 million. 

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 15 properties internationally totaling approximately
64,000 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^®, Ritz-Carlton^®, ^ Westin^®,
Sheraton^®, W^®, St. Regis^®, Le Meridien^®, The Luxury Collection^®, Hyatt^®,
Fairmont^®, Four Seasons^®, Hilton^®, Swissotel^®, ibis^®, Pullman^®, and
Novotel^®* in the operation of properties in over 50 major markets worldwide.
For additional information, please visit the Company's website at
www.hosthotels.com.

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 anticipated at the
time the forward-looking statements are made. These risks include, but are not
limited to: we may not obtain the zoning, occupancy and other required
governmental permits and authorizations necessary to complete the timeshare
development; any new construction involves the possibility of construction
delays and cost overruns that may increase project costs; the development of
timeshare units could become less attractive due to decreases in demand for
residential, fractional or interval ownership, increases in mortgage rates
and/or decreases in mortgage availability, market absorption or oversupply,
with the result that we may not be able to sell the timeshares for a profit or
at the prices or selling pace we anticipate; national and local economic and
business conditions 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 travel patterns, 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 filings 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.

SOURCE Host Hotels & Resorts, Inc.

Website: http://www.hosthotels.com
Contact: Gregory J. Larson, Executive Vice President, +1-240-744-5120, Gee
Lingberg, Vice President, +1-240-744-5275
 
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