Breaking Travel News

Host Marriott Pick Up Capitol Hill Hotel

Host Marriott Corporation today announced that it has entered an agreement to acquire the
Hyatt Regency Washington, D.C. on Capitol Hill, which is located just two
blocks from the U.S. Capitol and within walking distance to the National Mall,
Smithsonian Museums and the National Gallery of Art.  The hotel features a
five-story atrium lobby and 834 newly-renovated guestrooms, including 32
suites, incorporating Hyatt’s Grand Bed.  The hotel has approximately 41,000
square feet of meeting space, including a 10,767-square foot ballroom and a
newly-designed rooftop meeting facility with floor-to-ceiling windows
showcasing a commanding view of the U.S. Capitol.  The hotel also offers a
restaurant and lounge, an indoor pool and a full-service fitness center.The purchase price is approximately $274 million.  The hotel’s 2006
Earnings Before Interest Expense, Taxes, Depreciation and Amortization
(EBITDA) is forecasted to be approximately $24.5 million (EBITDA equals
forecasted GAAP operating profit of approximately $14.5 million plus
depreciation expense of approximately $10 million).  The purchase is subject
to customary closing conditions and is expected to close at the end of
September.  The seller is an affiliate of Blackstone Real Estate Advisors.