The deal also paves the way for Sarofim to invest $240 million in new equity into the joint venture, which is now about five years old. For previous story, click here.
In a statement made a few months ago about the impending deal, Host Marriott president and CEO Christopher J. Nassetta explained that, "this transaction provides us with a favorable exit strategy from the majority of our interest in this non-core investment at attractive pricing." Funds from the deal will likely be applied toward the acquisition of more high-end luxury properties and/or the repayment of debt.
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