Host hotels & resorts disposes of sheraton new york times square hotel

Bethesda, md., april 20, 2022 (globe newswire) -- host hotels & resorts, inc. (nasdaq: hst), the nation's largest lodging real estate investment trust (the "company"), today announced that it has sold the 1,780-room sheraton new york times square hotel for approximately $373 million, which represents a 28.0x ebitda multiple1 on 2019 ebitda. the ebitda multiple includes approximately $136 million of estimated foregone capital expenditures over the next five years. in connection with the sale, the company is providing a $250 million bridge loan to the purchaser.
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