Host Hotels & Resorts LP, through a partnership structure with Host Hotels & Resorts, Inc., operates as a real estate investment trust (REIT). As of February 25, 2008, it owned 119 luxury and upper upscale hotels with approximately 63,900 rooms in the United States; Toronto and Calgary, Canada; Mexico City, Mexico; and Santiago, Chile. The company also holds a minority interest in a joint venture that owns 10 luxury and upper-upscale hotels located in Italy, Spain, Poland, Belgium, and the United Kingdom with approximately 3,200 rooms. It operates hotels under various brand names, including Ritz-Carlton, Fairmont, Four Seasons, The Luxury Collection, St. Regis, W, Marriott, Hyatt, Westin, Hi...
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Host Hotels & Resorts LP Prices an Upsized $400 Million Offering of 4.5% Senior Notes Due 2026
Oct 9 15
Host Hotels & Resorts Inc. operating partnership Host Hotels & Resorts LP priced an upsized $400 million offering of 4.5% senior notes due 2026. The company expects to receive net proceeds from the offering of roughly $395 million, after deducting the underwriting discount, fees and expenses. Together with cash on hand and a draw on the operating partnership's new credit facility term loan, proceeds from the offering will be used to redeem all of Host Hotels & Resorts LP's $500 million aggregate principal amount of 6% series V senior notes due 2020. The offering is expected to close Oct. 14, subject to the satisfaction or waiver of customary closing conditions.
Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. Enter into an Amendment and Restatement of its Existing Bank Credit Facility
Sep 14 15
Host Hotels & Resorts, Inc. (Host Inc.) and Host Hotels & Resorts, L.P. (Host LP), for whom Host Inc. acts as sole general partner, are reporting that on September 10, 2015 (the Closing Date) Host LP entered into an amendment and restatement (the Restatement) of its existing bank credit facility dated as of June 27, 2014 with Bank of America, N.A., as administrative agent, relating to a $1,000,000,000 revolving loan facility and a $500,000,000 term loan facility (the Existing Credit Facility) for the purpose of adding a new $500,000,000 delayed draw term loan facility (the 2015 Term Loan Facility). The 2015 Term Loan Facility was established through an exercise of the option under the Existing Credit Facility to increase the amount of the facility by up to $500,000,000. The Restatement also provides another opportunity to add $500,000,000 of commitments which may be used for additional revolving credit facility borrowings and/or term loans, subject to obtaining additional loan commitments and the satisfaction of the other conditions specified in the Restatement. Host LP drew down $300,000,000 under the 2015 Term Loan Facility on the Closing Date, and the remaining $200,000,000 balance is available for drawing at Host LP's election through March 8, 2016. Borrowings under the 2015 Term Loan Facility may be used for working capital and other general corporate purposes. Host LP is required to pay a quarterly unused commitment fee equal to 0.20% per annum times the average daily undrawn portion of the 2015 Term Loan Facility. Such unused commitment fee shall accrue from and after the 60 day following the Closing Date until the earlier of the commitment termination date and the date on which the 2015 Term Loan Facility is fully drawn. The 2015 Term Loan Facility will mature in September 2020. The maturity dates of the revolving loan facility and the existing term loan facility under the Existing Credit Facility remain unchanged, with initial scheduled maturity dates of June 2018 (in the case of the revolving loan facility) with the option for Host LP to extend the term for two additional six month terms, and June 2017 (in the case of the existing term loan facility) with the option for Host LP to extend the term for two additional years, in both cases subject to certain conditions, including the payment of an extension fee. Neither the revolving loan facility, existing term loan facility nor the 2015 Term Loan Facility require any scheduled amortization payments prior to maturity. Voluntary prepayments of the 2015 Term Loan Facility may be made without premium or penalty, but amounts repaid cannot be redrawn. Host LP will pay interest on borrowings under the 2015 Term Loan Facility at floating interest rates plus, in the case of loans based on LIBOR, a margin ranging from 90 to 175 basis points (depending on Host LP's long-term unsecured debt rating). Based on Host LP's current long-term unsecured debt rating, the company's applicable margin for LIBOR loans is 110 basis points. The 2015 Term Loan Facility is otherwise subject to terms and conditions similar to those in the Existing Credit Facility regarding subsidiary guarantees and pledges of security interests in subsidiaries, operational covenants, financial covenants and events of acceleration, all of which remain unchanged under the Restatement. The foregoing does not purport to be a complete description of the terms of the 2015 Term Loan Facility and such description is qualified in its entirety by reference to the Restatement.
GIC Real Estate and Host Hotels & Resorts Reportedly Mulls Sale Of Resorts
Mar 25 15
Pacifica Partners Private Limited is seeking sale of Four Points by Sheraton Perth. The Pacifica Partners joint venture between GIC Real Estate International Private Limited and Host Hotels & Resorts LP is preparing to put the Four Points by Sheraton on the block in a move that could see it reap about AUD 100 million. GIC Real Estate International Private Limited has a 75% stake in the Four Points and Host Hotels & Resorts a 25% interest. GIC has called in Wayne Bunz of CBRE Hotels to market the five-star property but he declined to comment. GIC Real Estate International Private Limited is also seeking to sell The Westin Sydney. GIC is selling the Westin Sydney on Martin Place for more than AUD 400 million.