BETHESDA, Maryland-Host Hotels & Resorts, Inc. announced that the Company sold an 89% interest in the entity that owns the Philadelphia Marriott Downtown (the "Hotel") based on a gross entity value of $303.4 million. The Company retained an 11% interest in the joint venture with Clearview and funds managed by Oaktree Capital Management L.P.
"We are pleased to announce a sale that further reduces our exposure in non-core assets and brings our total dispositions since the beginning of 2012 to approximately $1.1 billion," said Struan B. Robertson, executive vice president and chief investment officer.