Host Hotels & Resorts announced that the company closed the sale of the Westin New York Grand Central for $302 million.
BETHESDA, Md., Jan. 10, 2019 -- Host Hotels & Resorts, Inc. (NYSE: HST), the nation’s largest lodging real estate investment trust (the "Company"), today announced that it closed on the previously announced agreement to sell the Westin New York Grand Central hotel for $302 million, including approximately $20 million of FF&E funds.
"We have been pleased with our continued execution of further reducing our exposure to New York, a key initiative set early on in my tenure as CEO. With the completion of this sale, we have sold 3 assets and the retail, signage, and theater condo space at the New York Marriott Marquis for $1.1 billion at very attractive pricing. We continue to strengthen our investment grade balance sheet and enhance our ability to make strategic investments that ultimately drive long-term value creation for our stockholders whether it is investing in our portfolio, acquiring assets, or buying back our stock," said James F. Risoleo, President and Chief Executive Officer.
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