Host Hotels & Resorts, Inc. Announces Pricing Of $600 Million Of 3.50% Senior Notes Due 2030 By Host Hotels & Resorts, L.P.

BETHESDA, Md., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NYSE: HST) (the “Company”), the nation’s largest lodging real estate investment trust, today announced that Host Hotels & Resorts, L.P. ("Host L.P."), for whom the Company acts as sole general partner, has priced its offering (the "Offering") of $600 million aggregate principal amount of 3.50% Senior Notes due 2030 (the "Notes"). The Offering is expected to close on August 20, 2020, subject to the satisfaction or waiver of customary closing conditions. 

The estimated net proceeds of the Offering, after deducting the underwriting discount, original issue discount and fees and expenses, are expected to be approximately $588 million. Host L.P. intends to allocate an amount equal to the net proceeds from the sale of the Notes to one or more eligible green projects, including the previous acquisitions of the W Hollywood Hotel in California and the 1 Hotel South Beach in Miami Beach, Florida, each of which has received LEED Silver certification. Host L.P. intends to use the net proceeds from the sale of the Notes to purchase for cash any and all of Host L.P.’s outstanding $450 million principal amount of 4.750% Series C senior notes that are tendered in connection with the tender offer launched on the date hereof (the “Tender Offer”). Proceeds from the Offering not used to pay for the notes that are tendered in the Tender Offer will be used for general corporate purposes, which may include repurchases of debt.

J.P. Morgan Securities LLC, BofA Securities, Inc., Wells Fargo Securities, LLC, Deutsche Bank Securities, Goldman Sachs & Co. LLC and Morgan Stanley are the joint book-running managers for the Offering.

The Offering is being made pursuant to an effective shelf registration statement and accompanying prospectus filed with the Securities and Exchange Commission on April 12, 2018 and a preliminary prospectus supplement filed with the Securities and Exchange Commission on August 11, 2020. A copy of the final prospectus supplement and the accompanying prospectus relating to the Notes may be obtained, when available, by contacting J.P. Morgan Securities LLC, at 383 Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk – 3rd Floor, or by calling [phone]; BofA Securities, Inc., at 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by calling toll free [phone] or by email at [e-mail]; and Wells Fargo Securities, LLC, 608 2^nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, telephone [phone] or email: [e-mail]. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.