Host Hotels & Resorts, Inc. Announces The Opening Of The Hyatt Ka'anapali Beach Timeshare

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Dec 17, 2014, 08:30 ET

BETHESDA, Md., Dec. 17, 2014 /PRNewswire/ -- Host Hotels & Resorts, Inc. (NYSE: HST) today announced the opening of the Hyatt Ka'anapali Beach, a Hyatt Residence Club Resort. The Company completed the development of the 131 timeshare units on underutilized land adjacent to the Company's Hyatt Regency Maui Resort & Spa. The Company contributed a combination of land and cash to the joint venture in exchange for a 67% interest and will benefit from the sale of the timeshare units, as well as synergies created with its existing hotel, including ancillary revenues from its spa, food and beverage outlets and retail shops, and savings related to shared expenses.

The timeshare sits on about 400 linear feet of beachfront providing breathtaking ocean views from most of the units with spacious one-, two-, and three- bedroom residential-style accommodations, expansive lanais, fully equipped gourmet kitchens and widescreen HD LED TVs. Extensive amenities include an 8,000 square-foot open-air lobby; beachfront Pau Huaka'i tiki bar; Lahaina Provision Company marketplace; lagoon pool, with zero-entry children's area; separate infinity pool; Day Lounge relaxation areas, with TVs, Wi-Fi, showers, and lockers; and a 3,000- square-foot state-of-the-art fitness center. Members and guests also have access to the amenities such as restaurants, bars, pools, and the only oceanfront spa on Maui at the adjacent Hyatt Regency Maui Resort & Spa.

Gerard E. Haberman, managing director, Global Development Design and Construction, stated, "This project is a great example of our ability to create value by redeveloping non-income producing real estate in our existing portfolio. We look forward to pursuing additional value creating opportunities in our 35 remaining acres of underdeveloped land at this location."

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^®, Four Seasons^®, 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.

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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