Host Marriott deal adds 6 luxury hotels

MARYLAND WATCH

September 13, 1997

Host Marriott Corp. said yesterday that it completed its purchase of a partnership that owns six luxury hotels.

The Bethesda-based lodging real estate company bought partnership units in the Chesapeake Hotel Limited Partnership for $31.5 million. The purchase results in the company acquiring 434 units or 98.6 percent of the limited partnership units.

The partnership owns six hotels, which have 3,054 rooms. The hotels are the Key Bridge Marriott, the Chicago O'Hare Marriott, the Boston Newton Marriott, the Denver Southeast Marriott, the Bloomington Minnesota Marriott and the Saddlebrook Marriott in New Jersey.

Host Marriott expects 1997 earnings before interest, taxes and other items to total about $36.4 million, including $12.4 million of interest income related to advances that would have been consolidated on the company's income statement absent the purchase.

Host Marriott currently owns or holds controlling interests in 94 upscale and luxury full-service hotel properties. It also is general partner and holds minority interests in various unconsolidated partnerships that own 244 lodging properties.

Pub Date: 9/13/97

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