Host Hotels (HST) to Develop Two Hotels in Rio de Janeiro, One in Nashville

June 25, 2012 4:55 PM EDT
Host Hotels & Resorts, Inc. (NYSE: HST) today announced that the Company has entered into an agreement to develop two hotels in Rio de Janeiro, Brazil and, through a joint venture agreement, will develop one hotel in Nashville, Tennessee.

The Company has acquired land and entered into a construction agreement with Galwan Engineering and Performance Realty to develop a 150-room Novotel hotel and a 255-room ibis hotel in Rio de Janeiro, Brazil for approximately $72 million. As part of this transaction, the Company signed an agreement with Accor to manage the hotels. Construction is scheduled to begin in July 2012 and the hotels are projected to open mid-year 2014.

The two hotels will be located in Barra da Tijuca, less than one mile from the future Olympic Park, which will house the majority of all activities for the summer Olympic Games in 2016.

On the domestic front, the Company announced it has entered into a 50/50 joint venture agreement with White Lodging Services to develop the 255-room Hyatt Place in downtown Nashville, Tennessee for a total price of approximately $46 million, including the purchase of the land. The joint venture intends to finance a significant portion of the project.

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