BETHESDA, MD; June 14, 2002—Host Marriott Corporation (NYSE:HMT) today announced
that it successfully completed the syndication of a new bank credit facility replacing its prior
credit line. The new credit facility provides the Company with an aggregate revolving loan commitment amount of up to $400 million.
The new facility is led by Deutsche Bank Trust Company Americas and Bank of
America, N.A.. The loan has an initial maturity of June 2005, with an option to extend for an
additional year if certain conditions are met. The facility will bear interest at a floating rate.
There are currently no amounts outstanding under the new facility.
Robert E. Parsons, Jr., executive vice president and chief financial officer, commented,
“We are extremely pleased with this transaction. The new credit facility has an initial maturity
which is two years beyond the maturity of the credit facility it replaced. While pricing on the
new credit facility is comparable to the facility it replaced, we have achieved much greater
Mr. Parsons added, “Coupled with the significant cash balances that we are currently
holding, this new facility will enable us to take advantage of expected future opportunities. Our
credit facility, which was significantly oversubscribed and included a syndicate of fourteen
lending institutions, confirms Host Marriott’s ongoing ability to access the capital markets.”
Host Marriott is a Fortune 500 lodging real estate company that currently owns or holds
controlling interests in 122 upscale and luxury hotel properties primarily operated under
premium brands such as Marriott, Ritz-Carlton, Hyatt, Four Seasons, Swiss™tel and Hilton. For
further information, please visit the Company’s website at www.hostmarriott.com .