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Host Hotels & Resorts closes C$30.6 million transaction with the Toronto Airport Marriott Hotel

Fasken
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Client

Host International of Canada (a wholly-owned subsidiary of HMSHost Corporation)

On November 15, 2012, Host Hotels & Resorts, consistent with its strategy to reduce its exposure to non-core, suburban, airport assets, closed on the sale of its 94.8% interest in the Toronto Airport Marriott Hotel for CAD$30.6 million and retained the FF&E reserve of CAD$1.7 million for total cash proceeds to Host of CAD$32.3 million. Host Hotels & Resorts was advised by Fasken Martineau with a team that included Dan Law (real estate), Mitchell Thaw (tax), Huy Do (competition), Paul Casuccio (HST) and Marvin Mikhail (corporate).

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