Host Hotels & Resorts Sells NY Marriott Marquis Assets to Vornado -- Update
25 Septembre 2018 - 2:16AM
Dow Jones News
By Stephen Nakrosis and Josh Beckerman
Real estate investment trust Host Hotels & Resorts Inc.
(HST) said Monday it sold the New York Marriott Marquis retail,
theater, and signage commercial condominium units to Vornado Realty
Trust (VNO) for $442 million.
In 2012, Host Hotels and Vornado announced a redevelopment
agreement for the retail space. Vornado said Monday that it
previously owned a 54% stake and now holds 100%, and that the
transaction satisfies a put/call arrangement.
Vornado's basis in the property totals about $663 million.
Host Hotels also closed on the sale of the W New York - Union
Square hotel for a sale price of $171 million on Sept. 6.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com and Josh
Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
September 24, 2018 20:01 ET (00:01 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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