Host Marriott acquires Torrance Marriott

Maryland Watch

June 25, 1998

Bethesda-based Host Marriott Corp. said yesterday that it has acquired the 487-room Torrance Marriott Hotel in Torrance, Calif., from Nippon Total Finance for $52 million.

Christopher J. Nassetta, Marriott's executive vice president and chief operating officer, said the Torrance hotel adds to the company's high-quality portfolio.

The acquisition is the company's eighth this year.

"This is a bread-and-butter move for us in an attractive market," Nassetta said. "For the remainder of 1998, we will continue to selectively make more acquisitions that will enhance our value."

Marriott said it expected its earnings from the hotel this year to be $6.7 million before interest expense, taxes, depreciation, amortization and other noncash items.

The 17-story Torrance Marriott opened in 1985. It includes two restaurants, a lounge and more than 16,000 square feet of meeting and banquet space. The hotel also has an 11,000-square-foot ballroom, a health club and an indoor-outdoor pool.

Host Marriott owns 101 upscale and luxury hotels operated primarily under the Marriott and Ritz-Carlton names.

Pub Date: 6/25/98

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