Host Hotels & Resorts LP (NYSE: HST) sold an 89% stake in its ownership interest of the Philadelphia Marriott Downtown for $270.03 million, or about $215,000 per room, in a deal that values the hospitality asset at $303.4 million.
Oaktree Capital Management LP and Clearview Hospitality Capital LLC will take a controlling interest in the area's largest hotel, with Host retaining the remaining 11% stake.
Located in downtown Philadelphia's Market Street East submarket at the corner of 12th and Market Street, the 22-story, 1.06 million-square-foot hospitality building was constructed in 1994 on two acres. It is comprised of 1,408 guest rooms, and is expected to continue flying the Marriott International flag.
"We are pleased to announce a sale that further reduces our exposure in non-core assets and brings our total dispositions since the beginning of 2012 to approximately $1.1 billion," said Struan B. Robertson, executive vice president and chief investment officer at Host.
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