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Host Marriott Announces a $60 Million Renovation

Host Marriott
Corporation today announced that it has commenced construction as part of
an extensive renovation of the Newport Beach Marriott Hotel. The
renovation is expected to cost approximately $60 million. The renovation
project will include the addition of a world-class spa, 20 new luxury
suites with sweeping ocean views, redesigned guest rooms, a new restaurant
concept and updated meeting space. The hotel is managed by Marriott
International and will remain open during the renovation, which is
expected to be completed by November of 2005. Upon completion, the hotel
will be renamed the Newport Beach Marriott Hotel & Spa.
“We are excited about our plans to take advantage of this asset’s superior
location and improving market conditions,” said Christopher Nassetta,
president and chief executive officer. “The repositioning of this hotel
will allow us to realize the asset’s true revenue and profit potential.”

The hotel is located on one the most desirable pieces of real estate in
Southern California, approximately one mile from the Pacific Ocean,
overlooking the Newport Yacht Basin and the Pacific coastline. The hotel
is situated on Newport Center Drive opposite the Fashion Island mall and
abutting the Newport Beach Country Club Golf Course.