Host Marriott sells shares to raise $415 million

March 28, 1996|BY A SUN STAFF WRITER

Host Marriott Corp. yesterday raised $415 million through a secondary stock offering, capital the Bethesda-based company will use to further its 2-year-old strategy of acquiring upscale hotels.

Host Marriott, which has invested $915 million to buy 27 full-service lodging properties since early 1994, now owns 93 projects.

The company told the U.S. Securities and Exchange Commission of its intent to sell the stock in January. Yesterday's sale involved 31.6 million shares at $13.12 per share.

Host Marriott, which went public in October 1993 in conjunction with a division of the former Marriott Corp., last completed a stock sale in January 1994, when it raised $241.5 million.

The new shares were underwritten primarily by Donaldson, Lufkin & Jenrette Securities Corp. of New York.

Pub Date: 3/28/96

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