Host Hotels & Resorts
|Type||Public NYSE: HST
S&P 500 Component
|Headquarters||Bethesda, Maryland, USA|
|Key people||Richard E. Marriott
Chairman & Son of J. Willard Marriott
W. Edward Walter
CEO & President
|Revenue||US$ 5.46 billion (2008)|
|Net income||US$ 727 million (2008)|
|Total assets||US$ 11.8 billion (2008)|
Host Hotels & Resorts was formed in 1992 when the Marriott Corporation split into two separate entities, creating Marriott International and Host Marriott. Marriott International represented the original Marriott company prior to Marriott's 1982 acquisition of the old Host International Company, founded in 1897 as the Van Noy Railway News and Hotel Company by the Van Noy Brothers of Kansas City, MO. After the spin-off, the original assets and services comprising the Host International acquisition, encompassing the ownership of lodging real estate and operators of airport terminal concession businesses and franchises, were consolidated as the Host Marriott Corporation.
On January 2, 1996, Host Marriott further divided into two separate companies. Host Marriott continues to own lodging real estate. A new company, Host Marriott Services Corporation (now known as HMSHost Corporation) was created to hold and operate concessions at airports, on toll roads and at sports and entertainment attractions.
In December 1998, Crestline Capital Corporation was spun off to allow Host Marriott to complete an announced conversion to a REIT. As part of the spinoff, Host Marriott arranged to lease back much of the property that was being spun off. At the end of the year, the preparations were completed with Host Marriott emerging as a REIT on January 1, 1999.
In November 2005, Host Marriott announced that it would purchase 38 domestic and international hotel properties for approximately $4.1 billion. The seller was Starwood Hotels & Resorts, a hotel owner/operator based in White Plains, New York. Starwood would continue to manage the portfolio of 20 Sheratons, 13 Westins, two W's, one St Regis, one Luxury Collection hotel, one nonbranded property. As part of the transaction, Host Marriott was renamed Host Hotels & Resorts to better reflect its more diversified portfolio of hotel brands.