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May 26, 2006
Host
Hotels & Resorts’ joint venture in the Netherlands has completed the
purchase of four hotels from Starwood Hotels & Resorts Worldwide. These
include The Westin Palace, Madrid, located in Madrid, Spain (468 rooms); The
Westin Palace, Milan, located in Milan, Italy (228 rooms); the Sheraton Skyline
Hotel & Conference Centre, located in Hayes, United Kingdom (350 rooms);
and the Sheraton Roma Hotel & Conference Center, located in Rome, Italy
(634 rooms).
The
company expects that the fifth hotel that was deferred from the initial
closing, The Westin Europa & Regina, located in Venice, Italy,
will be purchased by the joint venture by June 15, 2006, at which time the
initial joint venture investment of approximately $621 million in six hotels
will be complete.
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