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Stichting Pensioenfonds is the Dutch pension fund for public employees, while GIC Real Estate Pte Ltd is the real estate investment company of the government of Singapore Investment Corp. Pte Ltd.
The purchase price includes the assumption of around euro 434 million of debt at an interest rate under 6%. Host said that the acquisition price represents "a significant discount" to replacement cost and provides the venture with further geographic diversification into France and Germany.
Host said that, upon closing, the European joint venture will be fully funded and invested, owning seventeen hotels with nearly 5,500 rooms in eight countries.
The six fee simple properties include the 757-room Paris Marriott Rive Gauche Hotel & Conference Center, the 402-room Renaissance Amsterdam Hotel, the 327-room Renaissance Paris Hotel La Defense, the 97-room Renaissance Paris Vendome Hotel, the 221-room Courtyard Duesseldorf Seestern and the 150-room Courtyard Paris Defense West - Colombes.
Bethesda, Maryland-based Host Hotels & Resorts is a lodging real estate investment trust and an owner of luxury and upper upscale hotels. The company currently owns 117 properties with around 64,000 rooms, and also holds a minority interest in a joint venture that owns eleven hotels in Europe with over 3,500 rooms.
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