Hospitality Properties Trust – Page 2

COMPANY NEWS

Continuing to shift the focus of its hotel assets to full-service operations, the Host Marriott Corporation said yesterday that it had sold 16 Courtyard hotels to Hospitality Properties Trust of Newton, Mass., for $150 million but would lease back the properties. Host Marriott, which is based in Bethesda, Md., also said it had purchased the Dallas-Fort Worth Airport Marriott for $44 million and the Plaza San Antonio Hotel for $30 million. The seller was not named. Under its agreement with Hospitality Properties, Host Marriott said it would pay an annual base rent of about $15 million, as well as 5 percent of any increase in sales, for the Courtyards, which have limited service. (Dow Jones)