Host Marriott, Interstate add California hotel

Maryland Watch

September 30, 1997

Host Marriott Corp., in its fourth joint venture this year with Interstate Hotels Co., has acquired a $24.15 million hotel in Ontario, Calif., east of Los Angeles, Host Marriott announced yesterday.

The Bethesda-based lodging real estate company will assume 90 percent ownership of the Ontario Airport Marriott Hotel. Interstate -- the largest independent hotel management company in the United States -- will own 10 percent and manage the property under a franchise agreement with Marriott International.

The 299-room hotel is adjacent to the expanding Ontario Airport and across the street from the new Ontario Convention Center.

The hotel is expected to report about $3.4 million in earnings for 1998, before interest expense, taxes, depreciation, amortization and other noncash items.

"We are leveraging the strength of the Host Marriott-Interstate relationship as well as our strategic alliance with Marriott International," said Christopher J. Nassetta, Host Marriott's executive vice president. "This is a quality asset that is well positioned in a market in which we anticipate dynamic growth."

Pub Date: 9/30/97

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