Host Venture Buys Properties in Europe for $574 Million
A Host Hotels & Resorts Inc. (HST) joint venture acquired five hotels in Paris and Amsterdam for about 440 million euros ($574 million).
The hotels, which comprise 1,733 rooms, were purchased from Goldman Sachs Group Inc. (GS)’s Whitehall Real Estate Funds, according to a statement today by Bethesda, Maryland-based Host. The company, the largest U.S. lodging real estate investment trust, holds a 33.4 percent stake in the joint venture.
“The acquisition provides the venture with further brand and geographic diversification,” Host said in the statement.
The deal will be funded in part by a 250 million-euro loan, secured by the properties, at a 4.4 percent interest rate, according to the statement.
The hotels in the deal are the 757-room Paris Marriott Rive Gauche Hotel & Conference Center, the 402-room Renaissance Amsterdam Hotel, the 327-room Renaissance Paris La Defense Hotel, the 97-room Renaissance Paris Vendome Hotel, and the 150- room Courtyard Paris La Defense West - Colombes, according to the statement.
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