Host Hotels & Resorts announced that it sold an 89% interest in the entity that owns the 1,408-room Philadelphia Marriott Downtown based on a gross entity value of US$303.4 million to an undisclosed buyer.
Host Hotels & Resorts, Bethesda, Maryland, retains an 11% interest in the joint venture with Clearview and funds managed by Oaktree Capital Management L.P.
“We are pleased to announce a sale that further reduces our exposure in non-core assets and brings our total dispositions since the beginning of 2012 to approximately US$1.1 billion,” said Struan Robertson, Host’s executive vice president and chief investment officer.
