Host Scoops Up DC Grand Hyatt For $400M On 2nd Try

Law360, New York (July 17, 2012, 7:43 PM EDT) -- Maryland-based real estate investment trust Host Hotels & Resorts has picked up the Grand Hyatt in Washington for $400 million, months after it backed out of a more expensive agreement with developer Quadrangle Development Corp. for the property, according to a Tuesday investor filing.

The new deal, inked on Monday, supplants a $442 million agreement Host Hotels nixed last December and will be financed by a mix of on-hand cash and a drawdown of a credit facility, the REIT said in its second-quarter report.

“While recent...
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