Host Hotels & Resorts plans to invest up to $600 million to completely renovate five of its most well-known Marriott properties in the next three years.
And in a unique arrangement, Bethesda-based Marriott International Inc. (NASDAQ: MAR) has agreed to help soften any financial downturns the hotels experience during the top-to-bottom makeovers. Marriott spun off its real estate holdings in 1993 to create Host (NYSE: HST), also based in Bethesda.
The projects, which Host is referring to as “brand transformations,” are at the New York Marriott Marquis in Times Square; the Boston Marriott Copley Place; the Orlando World Center Marriott in Orlando, Florida; and the Ritz-Carlton Amelia Island in Florida. Work is already underway at the San Francisco Marriott Marquis.
The move will increase Host’s capital expenditures by about $150 million to $200 million for each of the next three years starting in 2019, Host CEO Jim Risoleo told analysts on the company’s third quarter earnings…Read the full story from the Washington Business Journal.