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Host Hotels Realizes $344M From Private Placement

WASHINGTON, DC-It will use the proceeds to repay $113 million in debt secured by the JW Marriott here.

By Erika Morphy | Updated on March 15, 2012

WASHINGTON, DC-Host Hotels & Resorts priced its private placement and expects to realize net proceeds of some $344 million. The REIT plans to use some of this to pay off a mortgage secured by the JW Marriott in Washington, DC. 

The $350 million offering, which is expected to close on March 22, 2012, is for senior notes due 2022.  It will use some of this to repay the $113 million principal amount outstanding on a 7.5% mortgage secured by the downtown hotel. It will also redeem $250 million of its 6 7/8% Series S senior notes due in 2014.

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