Host Marriott Acquires the Scottsdale Marriott for $57.5 Million

23rd Sep 2004

Host Marriott Corporation today announced that it has acquired the Scottsdale Marriott
at McDowell Mountains which is located in the Scottsdale Perimeter Center,
one of the fastest growing office parks in the Phoenix area.The hotel, located on approximately 10 acres of fee simple land, is adjacent to two
championship-level golf courses at the Tournament Players Club. The hotel
opened in 1999 and features 270 two-room suites with five-fixture marble
bathrooms. The facilities include a restaurant, lobby lounge, fitness
center and pool. In addition, the hotel offers over 10,000 square feet of
indoor meeting space and an additional 6,000 square feet of outdoor
function space.

The purchase price is $57.5 million and includes the assumption of $33.5
million of existing debt with a fixed interest rate of 6.084%. EBITDA for
the first twelve months of ownership is forecasted to be approximately
$5.5 million (EBITDA equals forecasted GAAP operating profit of $3.6
million plus depreciation expense of $1.9 million).


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