BETHESDA, MD— Host Marriott Corporation officially sold 85% of its interest in the Courtyard joint venture to Sarofim Realty Advisors for approximately $92 million. As previously announced, Sarofims initial equity investment in the Courtyard joint venture will be used to acquire approximately 85% of Host Marriotts interest for approximately $92 million and to invest approximately $240 million of new equity into the joint venture. Based on this valuation, Host Marriotts total equity interest in the Courtyard joint venture is valued at approximately $108 million. Under the terms of the agreement, Host Marriott will have the right to cause the partnership to redeem its remaining joint venture interest under certain conditions between 2007 and 2009. Thereafter, the partnership will have the right to redeem Host Marriotts remaining interest. Banc of America Securities LLC served as financial adviser to Host Marriott in connection with the transaction.