September 18, 2014 10:46 PM ET

Real Estate Investment Trusts (REITs)

Company Overview of Host Hotels & Resorts LP

Company Overview

Host Hotels & Resorts, L.P., through a partnership structure with Host Hotels & Resorts, Inc., operates as a real estate investment trust (REIT). As of February 25, 2008, it owned 119 luxury and upper upscale hotels with approximately 63,900 rooms in the United States; Toronto and Calgary, Canada; Mexico City, Mexico; and Santiago, Chile. The company also holds a minority interest in a joint venture that owns 10 luxury and upper-upscale hotels located in Italy, Spain, Poland, Belgium, and the United Kingdom with approximately 3,200 rooms. It operates hotels under various brand names, including Ritz-Carlton, Fairmont, Four Seasons, The Luxury Collection, St. Regis, W, Marriott, Hyatt, Westin,...

6903 Rockledge Drive

Suite 1500

Bethesda, MD 20817-1109

United States

242 Employees

Phone:

240-744-1000

Key Executives for Host Hotels & Resorts LP

Chief Executive Officer
Age: 58
Chief Financial Officer
Age: 49
Executive Vice President
Age: 58
Executive Vice President of Corporate Strategy and Fund Management of Host Marriott Corporation - General Partner
Age: 49
Executive Vice President of Host Marriott Corporation (Host REIT)
Age: 55
Compensation as of Fiscal Year 2014.

Host Hotels & Resorts LP Key Developments

Host Hotels & Resorts LP Intends to Redeem Outstanding $400 Million Aggregate Principal Amount of 9% Series T Senior Notes Due 2017

Host Hotels & Resorts LP, for whom Host Hotels & Resorts Inc. acts as a sole general partner, gave notice that it intends to redeem all of the outstanding $400 million aggregate principal amount of Host L.P.’s 9% Series T Senior Notes due 2017. The redemption date for the Series T senior notes is May 15, 2013 pursuant to an irrevocable notice delivered by the trustee on Host L.P.’s behalf on April 9, 2013. The Series T senior notes were issued pursuant to a supplement to Host L.P.’s Amended and Restated Indenture, dated August 5, 1998, originally among HMH Properties Inc., the subsidiary guarantors named therein, and HSBC Bank USA f/k/a Marine Midland Bank (now succeeded by The Bank of New York Mellon), as trustee. Under the terms of the Series T senior notes, the redemption price will be 104.500% of the principal amount thereof, together with accrued and unpaid interest thereon to the redemption date. The Series T senior notes are being redeemed with the net proceeds from Host L.P.’s issuance of $400 million aggregate principal amount of 3.750% Series D senior notes due 2023, which were issued on March 28, 2013, together with available cash.

Host Hotels & Resorts LP Prices $400 Million Aggregate Principal Amount of 3.75% Senior Notes Due 2023

Host Hotels & Resorts LP on March 19 priced its offering of $400 million aggregate principal amount of 3.75% senior notes due 2023. The net proceeds of the offering are expected to total about $396 million. Together with cash on hand, Host Hotels & Resorts LP plans to use the offering proceeds to redeem all of its $400 million aggregate principal amount of 9% series T senior notes due 2017. J.P. Morgan, Goldman Sachs & Co., Bank of America Merrill Lynch and Deutsche Bank Securities are the joint book-running managers. The offering is expected to close March 28, subject to the satisfaction or waiver of customary closing conditions.

Host Hotels & Resorts LP Intends to Redeem the Remaining $175 Million in Outstanding Principal Amount of Host L.P.’S 3.25% Exchangeable Senior Debentures Due 2024

On February 26, 2013, Host Hotels & Resorts, L.P. gave notice that it intends to redeem the remaining $175 million in outstanding principal amount of Host L.P.’s 3.25% Exchangeable Senior Debentures due 2024. The redemption date for the Exchangeable Debentures is March 28, 2013 pursuant to an irrevocable notice delivered by the trustee on Host L.P.’s behalf on February 26, 2013. The Exchangeable Debentures were issued pursuant to a supplement to Host L.P.’s Amended and Restated Indenture, dated August 5, 1998, originally among HMH Properties Inc. (now Host L.P.), the subsidiary guarantors named therein, and HSBC Bank USA f/k/a Marine Midland Bank, as trustee. Under the terms of the Exchangeable Debentures, the redemption price will be 100.000% of the principal amount thereof, together with accrued and unpaid interest thereon to the redemption date. Because Host L.P. has called the Exchangeable Debentures for redemption on the Redemption Date, the Exchangeable Debentures became exchangeable during the period beginning February 26, 2013 and ending on March 26, 2013, which is the second Business Day prior to the Redemption Date. The current exchange price is 67.4215 shares of Host Inc. common stock per $1,000 principal amount of Exchangeable Debentures (which is equivalent to an exchange price of $14.83 per share).

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