BETHESDA, MD Host Marriott Corp. and The Blackstone Group reported today that Blackstone Real Estate Partners has converted 12,500,000 operating partnership units into common shares, which were sold in a block transaction. These units represented less than 30% of Blackstones total investment in Host Marriott Operating Partnership, which was obtained in connection with Host Marriotts purchase of the Blackstone luxury hotel portfolio in 1998.
Christopher Nassetta, president/CEO of Host Marriott, said that the sale should be viewed as consistent with Blackstones strategy of managing its portfolio to provide its partners with liquidity. After completion of the sale, Blackstone will still retain more than 30 million operating units or shares in the company and holds a seat on the Host Marriott Board of Directors. (2/2/01)