The improvement in the Company's comparable hotel revenues were offset by the greater level of dispositions than acquisitions, leading to a slight decrease in total revenues for the quarter. The effect of these transactions reduced total revenues, on a net basis, by $35 million for the quarter and $87 million year-to-date.
Host Hotels & Resorts, Inc. (NYSE: HST) and Kokua Hospitality, LLC, announced today that The Powell Hotel in San Francisco will be converted to a new independent identity and renamed the Axiom Hotel. The Company acquired the hotel in early 2014 with the intent to transform the hotel and has selected Kokua Hospitality as the operator.
A completely new hotel concept designed for savvy travelers, YVE Hotel Miami is located in the heart of downtown Miami's business and financial district.
Host Hotels & Resorts, Inc. (NYSE: HST), announced today that on October 3, 2014 the Company's litigation related to the San Antonio Marriott Rivercenter hotel ended in favor of the Company as the Texas Supreme Court denied the motion for rehearing from Keystone-Texas Holding Corp.
Acquisitions Of The b2 Miami Downtown Hotel For $57.5 Million And 90% Of The Grand Hotel Esplanade Berlin For Gross Purchase Price Of euro 81 Million and The Sale Of Tampa Marriott Waterside Hotel & Marina For $199 Million
The strong growth in operating results were driven by an increase in comparable hotel RevPAR of 6.8%, on a constant US$ basis, and an increase of 9.4% in comparable food and beverage operations.
The Company's owned hotel revenues increased 7.5% for the fourth quarter, compared to the corresponding 2012 As Adjusted quarterly results, as described herein, and 6.8% for the full year 2013, compared to 2012. The growth reflects a 6.0% revenue improvement at the Company's comparable hotels for the fourth quarter and a 4.9% increase for the full year.
Host Hotels & Resorts, Inc. (NYSE: HST) announced today that the Company sold an 89% interest in the entity that owns the Philadelphia Marriott Downtown based on a gross entity value of $303.4 million.
Host Hotels & Resorts, Inc. (NYSE: HST) announced today that the Company sold the 244-room Four Seasons Hotel Atlanta and the associated office space for $62 million.
On an 'As Adjusted' basis net income for the second quarter increased $58 million, or 92.1%, and Adjusted EBITDA increased $81 million, or 23.1%, when compared to 2012. The improvements in the Company's results were driven by a 6.1% increase in comparable hotel RevPAR and strong margin growth for the second quarter.