Host Hotels & Resorts, Inc. Announces Major Transformational Repositioning Plan For The Denver Marriott Tech Center Hotel
BETHESDA, Md., Jan. 23, 2015 /PRNewswire/ -- Host Hotels & Resorts, Inc. (NYSE: HST), announced today that as part of the Company's efforts to transform the Denver Marriott Tech Center Hotel, the Company has selected Sage Hospitality to manage the hotel pursuant to a Marriott franchise agreement. The Denver based Sage is one of the largest privately held hospitality investment, management and development companies in the nation operating more than 65 premium branded and lifestyle hotels.
Beginning in late 2015, the hotel will undergo an extensive multi-million dollar renovation to completely modernize every aspect of the hotel. This renovation includes all 628-rooms of the two towers and will reconfigure and enhance the entrance, lobby, restaurants, and 45,000 square feet of event space. In one of the two towers the room count will shrink as certain standard king rooms will be converted to executive king suites with upgraded finishes and amenities such as microwaves and refrigerators to reach out to the extended stay customer. In addition, the fitness center and the concierge lounge will be relocated to the tower with the executive suites to create a complete experience for the business traveler.
The Denver Marriott Tech Center Hotel is the preferred hotel for individual and group customers conducting business in the Denver Tech Center which is home to several large technology corporations including Oracle, IBM, Hewlett Packard and First Data.
"We are very excited about the transformational repositioning of this hotel in partnership with an experienced local operator, Sage Hospitality, to create significant value in this asset. As we have indicated previously, our strategy is to own the right assets with the right brands and managed by the right operators. While most of our iconic assets in major gateway markets benefit from brand management, with assets such as Denver Marriott Tech Center, a local franchised operations model is the preferred choice," said Minaz B. Abji, executive vice president, Asset Management.
ABOUT HOST HOTELS & RESORTS
Host Hotels & Resorts, Inc. is an S&P 500 and Fortune 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 98 properties in the United States and 15 properties internationally totaling approximately 59,000 rooms. The Company also holds non-controlling interests in five joint ventures, including one in Europe that owns 20 hotels with approximately 6,800 rooms and one in Asia that has interests in three hotels in Australia and India. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, Le Meridien®, The Luxury Collection®, Hyatt®, Fairmont®, Hilton®, Swissotel®, ibis®, Pullman®, and Novotel® in the operation of properties in over 50 major markets worldwide. For additional information, please visit the Company's website at www.hosthotels.com.
ABOUT SAGE HOSPTIALITY
Founded in 1984, Sage Hospitality has grown into one of the largest privately held hospitality investment, management and development companies in the nation operating more than 65 premium branded and premier and lifestyle hotels. Today, Sage Hospitality manages hotels under the Marriott, Starwood, Hilton and Hyatt brands in addition to operating a growing number of independent, non-branded properties. For more information on Sage Hospitality, please visit www.sagehospitality.com.
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "plan," "predict," "project," "will," "continue" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: changes in national and local economic and business conditions that will affect occupancy rates at our hotels and the demand for hotel products and services; the impact of geopolitical developments outside the U.S. on lodging demand; volatility in global financial and credit markets; operating risks associated with the hotel business; risks and limitations in our operating flexibility associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; risks associated with our relationships with property managers and joint venture partners; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; the effects of hotel renovations on our hotel occupancy and financial results; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; risks associated with our ability to complete acquisitions and dispositions and develop new properties and the risks that acquisitions and new developments may not perform in accordance with our expectations; our ability to continue to satisfy complex rules in order for us to remain a REIT for federal income tax purposes; and other risks and uncertainties associated with our business described in the Company's filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
* This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release.
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SOURCE Host Hotels & Resorts, Inc.
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