Host Hotels & Resorts Inc. (HST) plans to sell up to $400 million of stock to raise funds for potential acquisitions and other purposes.
The lodging real-estate investment trust has an agreement with Bank of New York Mellon Corp. (BK) under which it will issue and sell the shares from time to time, according to its filing with the Securities and Exchange Commission. Host's market value is about $9.3 billion.
The two parties recently completed a similar stock-sale effort that was announced a year ago.
Host owns 111 properties world-wide and hires operating companies such as Marriott or Hilton Worldwide to manage them. A number of lodging REITs have been raising capital for potential acquisitions, as they believe market conditions will allow them to acquire high-quality properties at cyclically low prices.
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