Oaktree, Clearview Nab Stake In $303M Philly Hotel Venture

Law360, New York (January 13, 2014, 1:34 PM EST) -- Host Hotels & Resorts Inc. has closed a deal to sell a majority stake in a $303.4 million venture that owns the Philadelphia Marriott Downtown hotel to a private equity joint venture of Oaktree Capital Management LP and Clearview Hotel Capital LLC, it said Monday.

Per the deal, Host Hotels has handed over an 89 percent interest in the entity to Clearview and funds managed by Oaktree. The Maryland-based hotel real estate investor will continue to hold the remaining 11 percent stake, but touted the deal...
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