BETHESDA, Md., May 22, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Host Hotels & Resorts, Inc. (NYSE: HST) today announced that it has entered into an agreement to acquire The Westin Kierland Resort & Spa in Scottsdale, Arizona, from The Kierland Resort Company, LLC, a Delaware limited liability company comprising affiliates of Woodbine Development Corporation of Dallas, TX, the Herberger Interests of Phoenix/Scottsdale, AZ, Cook Inlet Region, Inc., of Anchorage, AK, and Starwood Hotels & Resorts Worldwide, Inc. of White Plains, NY. The resort, which opened in November 2002, is situated on 252 acres of fee simple property and features 732 guestrooms, including 63 suites and 32 casita units, a 27-hole golf course and a full-service spa. The hotel has approximately 70,000 square feet of indoor meeting space, including a 24,600-square foot ballroom, and over 100,000 square feet of outdoor function space.

Christopher J. Nassetta, president and chief executive officer, stated, "We are thrilled to be acquiring this recently-constructed, world-class asset in the Phoenix/Scottsdale market, which is a strong growth market in which we have been seeking greater representation."

The purchase price is approximately $393 million and includes the assumption of $135 million of existing debt with an interest rate of approximately 5.08%. The hotel's Earnings Before Interest Expense, Taxes, Depreciation and Amortization (EBITDA) for the first 12 months of ownership is forecast to be approximately $32 million (EBITDA equals forecasted GAAP operating profit of approximately $21 million plus depreciation expense of approximately $11 million). The purchase is subject to customary closing conditions and is expected to close during the third quarter of 2006.

Molinaro Koger represented the seller on this transaction.

About Host Hotels & Resorts

Host Hotels & Resorts, Inc. is a lodging real estate company that currently owns or holds controlling interests in 129 luxury and upper upscale hotel properties primarily operated under premium brands such as Marriott(R), Westin(R), Sheraton(R), Ritz-Carlton(R), Hyatt(R), W(R), Four Seasons(R), St. Regis(R), The Luxury Collection(R), Fairmont(R), Hilton(R) and Swissotel(R)*. For further information please visit the Company's website at http://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.

(Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "continue" and other similar terms and phrases, including references to assumption and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward- looking statements are made. These risks include, but are not limited to: national and local economic and business conditions, including the potential for terrorist attacks, that will affect occupancy rates at our hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; relationships with property managers; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; our ability to complete pending acquisitions and dispositions; and our ability to continue to satisfy complex rules in order for us to qualify as a Real Estate Investment Trust for federal income tax purposes and other risks and uncertainties associated with our business described in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of May 22, 2006, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.)

SOURCE Host Hotels & Resorts, Inc.

Kevin J. Jacobs, Vice President Corporate Finance, +1-240-744-5212, or Gregory J. Larson, Treasurer, Senior Vice President Investor Relations, +1-240-744-5120, both of Host Hotels & Resorts, Inc.