Host Marriott buys upscale Toronto hotel

MARYLAND WATCH

November 04, 1995

Host Marriott announced yesterday the acquisition of the Toronto Easton Centre Marriott hotel for $31.5 million.

The 459-room hotel, in the heart of Toronto's business district, is connected to 320 retail shops.

The Bethesda-based hotel owner expects the Toronto Easton, a 4-year-old project, to contribute an estimated $2.6 million in earnings before taxes, interest and other noncash charges for 1995.

The hotel will continue to be operated by Marriott International Inc., the operating company of the former Marriott Corp. that split in October 1993 to form Host Marriott.

The Toronto Easton marks the latest acquisition in Host Marriott's plan to acquire upscale hotels for less than their replacement costs.

In the case of Toronto, the company bought the project for 50 percent of its original cost, said Terence C. Golden, Host Marriott's newly appointed president and chief executive.

In all, Host Marriott now owns 87 hotel properties operated primary by Marriott International.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.