BETHESDA, MD— Host Hotels & Resorts plans to raise as much as $600 million with a private securities placement and use the proceeds to reduce outstanding debt. The Bethesda, MD-based hotel owner will offer $550 million in securities due in 2027 to institutional investors and increase that by $50 million if there is sufficient demand. It will use the net proceeds to repay mortgage debt and for general corporate purposes. Host owns more than 120 hotel properties with mostly luxury brands such as Ritz-Carlton and Westin. It is the nations biggest lodging real estate investment trust. The company was informed last week that it will be added to the Standard & Poors 500 Index, replacing Phelps Dodge, which is being acquired by Freeport McMoRan Copper & Gold. That acquisition is still waiting regulatory approvals. Host will be added to the stock index after the merger closes.
