Host Hotels & Resorts
Encyclopedia
Host Hotels & Resorts is a real estate investment trust
and the owner of lodging real estate based in Bethesda
, Maryland
.
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.
On April 4, 1996, Host Marriott sold 18 Residence Inn
s and 16 Marriott Courtyard
Hotels to Hospitality Properties Trust to focus on other areas of the business.
On June 21, 1997, Host Marriott acquired Forum Group, Inc. and its retirement communities, Marriott Senior Living Services.
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.
Real estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...
and the owner of lodging real estate based in Bethesda
Bethesda, Maryland
Bethesda is a census designated place in southern Montgomery County, Maryland, United States, just northwest of Washington, D.C. It takes its name from a local church, the Bethesda Meeting House , which in turn took its name from Jerusalem's Pool of Bethesda...
, Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
.
History
Host Hotels & Resorts was formed in 1992 when the Marriott Corporation split into two separate entities, creating Marriott InternationalMarriott International
Marriott International, Inc. is a worldwide operator and franchisor of a broad portfolio of hotels and related lodging facilities. Founded by J. Willard Marriott, the company is now led by son J.W. Marriott, Jr...
and Host Marriott. Marriott International
Marriott International
Marriott International, Inc. is a worldwide operator and franchisor of a broad portfolio of hotels and related lodging facilities. Founded by J. Willard Marriott, the company is now led by son J.W. Marriott, Jr...
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
Van Noy Railway News and Hotel Company
The Van Noy Railway News and Hotel Company was a business which developed at the beginning of the twentieth century to provide services to travelers aboard passenger trains...
by the Van Noy Brothers
Van Noy Brothers
The Van Noy Brothers of Kansas City was the collective name of the four Kansas City, Missouri, brothers who founded the old Van Noy Railway News and Hotel Company, also known as the Van Noy Interstate Co., and known today as HMSHost. They are considered, historically, very prominent members of past...
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.
On April 4, 1996, Host Marriott sold 18 Residence Inn
Residence Inn by Marriott
Residence Inn by Marriott is a brand of extended stay hotels. The chain was launched in 1975 in Wichita, Kansas by Jack DeBoer, and acquired by Marriott International in 1987. As of April 2005, there were over 450 Residence Inn hotels in the United States, Canada and Mexico. The brand's slogan...
s and 16 Marriott Courtyard
Courtyard by Marriott
Courtyard by Marriott is a brand of hotels owned by Marriott International. Courtyard by Marriott is designed for business travelers but also accommodates to families. Its rooms feature large desks, couches, free broadband Internet access, and "big" breakfasts. The majority of locations have...
Hotels to Hospitality Properties Trust to focus on other areas of the business.
On June 21, 1997, Host Marriott acquired Forum Group, Inc. and its retirement communities, Marriott Senior Living Services.
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
White Plains, New York
White Plains is a city and the county seat of Westchester County, New York, United States. It is located in south-central Westchester, about east of the Hudson River and northwest of Long Island Sound...
. 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.