Host Hotels & Resorts, Inc. acquired the 305-room W Hollywood, which includes 10,800 square feet of high-quality retail space and seven prominent super-graphic billboard signs for $219 million.
The Hotel opened in 2010 and is centrally located in the dynamic and rapidly growing sub-market of Hollywood. The surrounding area features a strong base of business and transient demand generators and serves as a hub for a thriving creative community and entertainment related companies.
The Hotel is also fully unencumbered by brand and management upon sale beginning in 2021.
"We are excited to announce the addition of this fantastic asset in a fast growing sub-market in Los Angeles, a market which represents only 5% of our total hotel EBITDA. In addition to further diversifying our company of iconic and irreplaceable hotels, the W Hollywood increases the overall quality of our collection of assets. The hotel ranks in the top-five in both RevPAR and EBITDA per key in our portfolio," said James F. Risoleo, president and chief executive officer.
Host Hotels & Resorts, Inc. is an S&P 500 and Fortune 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 90 properties in the United States and 7 properties internationally totaling approximately 53,900 rooms.