A European joint venture in which Host Hotels & Resorts Inc. owns general and limited partner interests picked up the 433-room Hilton Amsterdam Airport Schiphol hotel for €148 million in December 2017.
The lodging real estate investment trust said the acquisition was funded with a new €81.4 million mortgage loan due Dec. 13, 2022, and a €70 million contribution from the joint venture partners. Host Hotels' share of the partners' contribution was €23 million, according to a Feb. 27 filing.
On an earnings call, Host Hotels President and CEO James Risoleo disclosed that his company is exploring the sale of its international assets, including its interest in its European joint venture. "While there is nothing to report at this time, it is an area we will be investigating throughout the course of the year," the executive said, according to a transcript.
Host Hotels' partners in the European joint venture, which comprises two separate funds, are APG Strategic Real Estate Pool NV and Government of Singapore Investment Corp. Pte. Ltd. affiliate Jasmine Hotels Pte. Ltd.
The lodging REIT owns a combined 32.1% interest in Euro JV Fund I and a combined 33.4% interest in Euro JV Fund II, according to the filing.
