BETHESDA, MD-Locally based Host Hotels & Resorts is takinganother pass through the public markets, with plans to sell as muchas $400 million in stock, according to a regulatory filing. Theproceeds would be used to, among other activities, makeacquisitions.
Host has been on a buying spree: it most recently acquired the266-room Le Meridien Piccadilly in London, England, for instance.However, with $400 million in firepower it could step up itspace--especially as more hotel investment sale offerings startcoming to market.
In the DC area, for instance, enough trades have closed to givethe market a sense of where pricing has settled--namely at $400,000per key. Pebblebrook Hotel Trust’s acquisition of DC’s Hotel Monacofor $74 million was roughly at that benchmark, according to anearlier interview with Marc Magazine of the McLean,VA-based Humboldt Hospitality Advisors.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
