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Host Hotels urges partnership unit holders to reject unsolicited tender offer

Host Hotels & Resorts Inc. is urging holders of operating partnership units of Host Hotels & Resorts LP to reject an unsolicited mini-tender offer from certain affiliates of MacKenzie Capital Management LP.

The lodging real estate investment trust learned that MacKenzie affiliates are offering $16.30 apiece for up to 200,000 of the operating partnership units, less cash distributions made by the unit after Jan. 31, according to a release.

Host Hotels said the offer price represents a discount to the $18.54 closing per-share price of the company's common stock on March 7. In addition, holders of the operating partnership units may receive roughly $18.94 per share should the company decide to redeem the units for cash, or exchange the units for 1.021494 shares which holders may then sell, since there is no trading market for the operating partnership units.

The trust noted that the offeror made several similar offers in 2016 and 2017, and added that holders of the units are not obliged to take any action with respect to the offer.