Host Hotels Backs Out Of $442M DC Hyatt Deal

Law360, New York (December 13, 2011, 5:50 PM EST) -- Host Hotels & Resorts Inc., the nation's biggest hospitality real estate investment trust, has walked away from its $442 million agreement to buy the Grand Hyatt Washington after a three-month closing delay, the company revealed Tuesday.

The deal with Washington-based developer Quadrangle Development Corp. had been expected to close Wednesday, according to previous regulatory filings. No reason was given for the termination and a spokesman did not return requests for comment Tuesday. The REIT will forfeit its $15 million deposit on the 888-room hotel, which is...
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