NEW YORK & DALLAS--(BUSINESS WIRE)--Lone Star Funds today announced that a Lone Star affiliate has acquired five luxury and upper upscale hotels from Host Hotels & Resorts, Inc. (NASDAQ: HST) for an aggregate purchase price of $551 million, including approximately $11 million for furniture, fixtures, and equipment (FF&E) replacement funds.
The hotels are: The Whitley, A Luxury Collection Hotel, Atlanta Buckhead in Georgia; The Westin Buckhead Atlanta in Georgia; The Westin Los Angeles Airport, located at the Los Angeles International Airport in California; San Ramon Marriott, located in Santa Clara, California; and the Westfields Marriott Washington Dulles, located in Chantilly, Virginia.
“We are looking forward to completing the program of renovations already underway at these terrific properties, which are located in strong markets with an attractive mix of industry exposure and corporate and leisure demand,” said André Collin, President, Commercial Real Estate Funds, Lone Star.
About Lone Star
Lone Star, founded by John Grayken, is a leading private equity firm advising funds that invest globally in real estate, equity, credit and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized 21 private equity funds with aggregate capital commitments totaling approximately $85 billion. The firm organizes its funds in three series: the Commercial Real Estate Fund series; the Opportunity Fund series; and the U.S. Residential Mortgage Fund series. Lone Star invests on behalf of its limited partners, which include institutional investors such as pension funds and sovereign wealth funds, as well as foundations and endowments that support medical research, higher education, and other philanthropic causes. For more information regarding Lone Star Funds, go to www.lonestarfunds.com.