Look for Host Hotels and Resorts to go on a buying spree now that it has a new wad of cash.
The lodging real estate investment trusts (REITs) – Host Hotels & Resorts Inc. (HST) – sold ‘Ritz-Carlton, San Francisco’ to an investment vehicle sponsored by Thayer Lodging Group for about $161 million. The company intends to use the proceeds to finance proposed buyouts and for other corporate purposes.
The Ritz-Carlton, San Francisco is one of the premium branded properties of Marriott International, Inc. (MAR). The hotel, having 336 luxurious suites, is situated in the downtown area and conveniently connected to landmarks such as Union Square, Fisherman’s Wharf, The Embarcadero and the city’s Financial District. The property caters to both leisure and business travelers.
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