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Host Hotels & Resorts, Inc. Announces Extension of $1.5 Billion Credit Facility to 2022

BETHESDA, Md., June 01, 2017 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NYSE:HST) today announced that it has taken advantage of current market conditions and amended and extended its existing $1 billion senior unsecured revolver scheduled to mature in 2018 and its $500 million term loan scheduled to mature in 2017.

The amended facility will extend the maturity for both the revolver and term loan to 2022 (including extensions) and, based on current debt ratings, the initial interest rate is one-month Libor plus 100 basis points on the revolver and 110 basis points on the term loan (all-in rates of approximately 2.0% and 2.1% today, respectively, for U.S. dollar denominated borrowings). The Company’s separate $500 million 2015 term loan was not modified and will remain outstanding, maturing in 2020.

Gregory J. Larson, executive vice president and chief financial officer, said, “Due to the Company’s strong investment-grade balance sheet, we have the financial flexibility to opportunistically manage our maturity schedule while remaining within our target leverage range as this transaction demonstrates. With this extension, we have no meaningful debt maturities until September 2020.  We will continue to prudently deploy capital for long-term accretive growth opportunities while advancing our redevelopment initiatives and returning capital to stockholders.”

About Host Hotels & Resorts

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. The Company also holds non-controlling interests in seven joint ventures, including one in Europe that owns 10 hotels with approximately 3,900 rooms. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, Le Meridien®, The Luxury Collection®, Hyatt®, Fairmont®, Hilton®, Swissôtel®, ibis®, Pullman®, and Novotel® as well as independent brands in the operation of properties in over 50 major markets worldwide. For additional information, please visit the Company's website at www.hosthotels.com.

*This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release.

Bret D.S. McLeod
Senior Vice President
240.423.1542

Gee Lingberg
Vice President
240.744.5275

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Host Hotels & Resorts, Inc.