Host Hotels & Resorts

Host Hotels & Resorts
Public
Traded as NYSE: HST
S&P 500 Component
Industry Financial
Founded 1993
Headquarters Bethesda, Maryland, USA
Key people
 Richard E. Marriott
(Chairman)
W. Edward Walter
(President and CEO)
Products REIT—Lodging
Revenue US$ 5.35 billion (2014)
US$ 747 million (2014)
Total assets US$ 12.2 billion (2014)
Number of employees
 250[1]
Website www.hosthotels.com

Host Hotels & Resorts (NYSE: HST) is an American real estate investment trust and the owner of lodging real estate based in Bethesda, Maryland.

History

Host Hotels & Resorts was formed in 1993 when the Marriott Corporation split into two separate entities, creating Marriott International and Host Marriott. The latter was renamed Host Hotels & Resorts in 2005, to reflect a growing number of non-Marriott hotels in their portfolio.[2]

Marriott International represented the original Marriott company prior to Marriott's 1982 acquisition of the old Host International Company, founded in 1897 as the Van Noy Railway News and Hotel Company by the Van Noy Brothers of Kansas City, MO. After the spin-off, the original assets and services comprising the Host International acquisition, encompassing the ownership of lodging real estate and operators of airport terminal concession businesses and franchises, were consolidated as the Host Marriott Corporation.

On January 2, 1996, Host Marriott further divided into two separate companies. Host Marriott continues to own lodging real estate. A new company, Host Marriott Services Corporation (now known as HMSHost Corporation) was created to hold and operate concessions at airports, on toll roads, and at sports and entertainment attractions.

On April 4, 1996, Host Marriott sold 18 Residence Inns and 16 Marriott Courtyard Hotels to Hospitality Properties Trust to focus on other areas of the business.[3]

On June 21, 1997, Host Marriott acquired Forum Group, Inc. and its retirement communities, Marriott Senior Living Services.[4]

In December 1998, Crestline Capital Corporation was spun off to allow Host Marriott to complete an announced conversion to a REIT. As part of the spinoff, Host Marriott arranged to lease back much of the property that was being spun off. At the end of the year, the preparations were completed with Host Marriott emerging as a REIT on January 1, 1999.[5]

November 2005, Host Marriott announced that it would purchase 38 domestic and international hotel properties for approximately $4.1 billion. The seller was Starwood Hotels & Resorts, a hotel owner/operator based in White Plains, New York. Starwood would continue to manage the portfolio of 20 Sheratons, 13 Westins, two W's, one St Regis, one Luxury Collection hotel, one nonbranded property. As part of the transaction, Host Marriott was renamed Host Hotels & Resorts to better reflect its more diversified portfolio of hotel brands.[6]

References

  1. ↑ "Host Hotels & Resorts on the Forbes Global 2000 List". Forbes. Retrieved 29 October 2016.
  2. ↑ "Host Hotels Has Confidence in Marriott-Starwood Merger, Owns Properties in Each Chain". Skift. 29 April 2016. Retrieved 30 October 2016.
  3. ↑ "Marriott's ploy begins to pay off Buying spree: Host Marriott's strategy of buying full-service hotels has paid off handsomely with a 9 percent rise in earnings and some of the world's most prestigious properties.". tribunedigital-baltimoresun. Baltimore Sun. Retrieved 30 October 2016.
  4. ↑ "Host Marriott Agrees to Buy Forum Group". Los Angeles Times. 19 March 1997. Retrieved 30 October 2016.
  5. ↑ "Now, it'll run hotels, too". tribunedigital-baltimoresun. Retrieved 30 October 2016.
  6. ↑ Press, The Associated (15 November 2005). "Host Marriott to Buy 38 Starwood Hotels". The New York Times. Retrieved 30 October 2016.

External links

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