Lone Star Funds yesterday announced that a Lone Star affiliate has acquired five luxury and upper upscale hotels from Host Hotels & Resorts, Inc. (NASDAQ: HST) for an aggregate purchase price of $551 million, including approximately $11 million for furniture, fixtures, and equipment (FF&E) replacement funds.
The hotels are: The Whitley, A Luxury Collection Hotel, Atlanta Buckhead in Georgia; The Westin Buckhead Atlanta in Georgia; The Westin Los Angeles Airport, located at the Los Angeles International Airport in California; San Ramon Marriott, located in Santa Clara, California; and the Westfields Marriott Washington Dulles, located in Chantilly, Virginia.
“We are looking forward to completing the program of renovations already underway at these terrific properties, which are located in strong markets with an attractive mix of industry exposure and corporate and leisure demand,” said André Collin, President, Commercial Real Estate Funds, Lone Star.