BETHESDA, MARYLAND Host Hotels & Resorts Inc. plans to sell up to US$400 million of stock to raise funds for future acquisitions, the REIT says in a regulatory filing.
Host has an agreement with Bank of New York Mellon Corp. to issue and sell shares from time to time. The two parties completed a similar share-sale program earlier this year.
Last month, Host made three major hotel transactions. It purchased the 266-key Le Méridien Piccadilly, London, for £64 million and the 424-key Westin Chicago River North for US$165 million. It also led a joint-venture acquisition of W Union Square in New York City for an undisclosed price.
Host’s market value is approximately US$9.3 billion.