Host Marriott Picks Up Capitol Hill Hotel
WASHINGTON, DC, September 2, 2005. Host Marriott Corporation today announced that it has entered an agreement to acquire the Hyatt Regency Washington, D.C. on Capitol Hill, which is located just two blocks from the U.S. Capitol and within walking distance to the National Mall, Smithsonian Museums and the National Gallery of Art. The hotel features a five-story atrium lobby and 834 newly-renovated guestrooms, including 32 suites, incorporating Hyatt's Grand Bed. The hotel has approximately 41,000 square feet of meeting space, including a 10,767-square foot ballroom and a newly-designed rooftop meeting facility with floor-to-ceiling windows showcasing a commanding view of the U.S. Capitol. The hotel also offers a restaurant and lounge, an indoor pool and a full-service fitness center.
The purchase price is approximately $274 million. The hotel's 2006 Earnings Before Interest Expense, Taxes, Depreciation and Amortization (EBITDA) is forecasted to be approximately $24.5 million (EBITDA equals forecasted GAAP operating profit of approximately $14.5 million plus depreciation expense of approximately $10 million). The purchase is subject to customary closing conditions and is expected to close at the end of September. The seller is an affiliate of Blackstone Real Estate Advisors.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
