SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October 29, 2007
HOST HOTELS & RESORTS, L.P.
(Exact Name of Registrant as Specified in Charter)
| Delaware | 000-25087 | 52-2095412 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| 6903 Rockledge Drive, Suite 1500 Bethesda, Maryland |
20817 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (240) 744-1000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| ITEM 5.02 | Departure of Directors and Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
Host Hotels & Resorts, Inc. announced on October 29, 2007 that Christopher J. Nassetta, President and Chief Executive Officer, has tendered his resignation as President and Chief Executive Officer to become President and Chief Executive Officer of Hilton Hotels Corporation. Mr. Nassetta will remain employed by the Company until the end of November to assist in the transition of duties to the new chief executive officer.
The Company also announced that the Board of Directors has appointed W. Edward Walter, age 52, as President and Chief Executive Officer effective today. Mr. Walter joined our Company in 1996 as Senior Vice President for Acquisitions and was elected Treasurer in 1998, Executive Vice President in 2000, Chief Operating Officer in 2001 and Chief Financial Officer in 2003.
A press release on this subject was issued on October 29, 2007 and is filed herewith as Exhibit 99.1 and incorporated herein by reference.
| ITEM 9.01 | Financial Statements and Exhibits. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| (c) | Not applicable. |
| (d) | Exhibits |
| 99.1 | Press Release, dated October 29, 2007 |
| Exhibit No. |
Description | |
| 99.1 | Press Release, dated October 29, 2007 | |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HOST HOTELS & RESORTS, L.P. | ||||||||
| Date: | October 29, 2007 | By: | /S/ Elizabeth A. Abdoo | |||||
| Name: | Elizabeth A. Abdoo | |||||||
| Title: | Executive Vice President, General Counsel and Secretary | |||||||
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.1 | Press Release, dated October 29, 2007 | |
Exhibit 99.1
 |
Contact: Gregory J. Larson 240.744.5120 |
NEWS RELEASE
HOST HOTELS & RESORTS ANNOUNCES THE RESIGNATION OF CHRISTOPHER J. NASSETTA AND THE APPOINTMENT OF W. EDWARD WALTER AS PRESIDENT AND CHIEF EXECUTIVE OFFICER
Bethesda, MD; October 29, 2007 - Host Hotels & Resorts, Inc. (NYSE:HST) today announced that Christopher J. Nassetta has tendered his resignation as President and Chief Executive Officer of Host Hotels & Resorts, Inc., to become President and Chief Executive Officer of Hilton Hotels Corporation. Mr. Nassetta will remain at the Company until the end of November to assist in the transition of duties to the new chief executive officer. The Board of Directors, while expressing its regret at Chris Nassetta’s decision, thanks him for 12 years of outstanding service during which the size of the Company more than doubled, the stockholder value was significantly enhanced, and the brand diversification of the Company’s portfolio was substantially improved.
The Board of Directors has appointed W. Edward Walter as President and Chief Executive Officer effective today. Mr. Walter is currently Executive Vice President and Chief Financial Officer, a position he has held since 2003. Since he joined the Company in 1996, he has served in various senior management positions, including Chief Operating Officer.
Richard E. Marriott, Chairman of the Board said, “Ed Walter has been involved in every area of the Company’s operations and has been an integral part of each of our major transactions over the last ten years, including our conversion to a REIT in 1998, the restructuring of our balance sheet and, most recently, our $3.5 billion acquisition of hotels from Starwood. The Board is extremely pleased that Ed Walter will assume this responsibility and knows that he will be successful in implementing the Company’s Best In Class strategy as our new CEO.”
| Host Hotels & Resorts, Inc. News Release |
October 29, 2007 |
ABOUT HOST HOTELS & RESORTS
Host Hotels & Resorts, Inc. is an S&P 500 and Fortune 500 company that is the largest lodging real estate investment trust and one of the largest owners of luxury and upper upscale hotels. The Company currently owns 121 properties with approximately 64,000 rooms, and also holds a minority interest in a joint venture that owns ten hotels in Europe with approximately 3,200 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®, The Luxury Collection®, Hyatt®, Fairmont®, Four Seasons®, Hilton® and Swissôtel®* 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. |
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