Christopher J. Nassetta, executive vice president and chief operating officer, stated, "The Remington Club is one of the premier luxury retirement properties in the country and San Diego continues to be one of the strongest markets in the nation. The Remington Club has been and is expected to continue to be the leading property in its market and, as such, is representative of the quality of our retirement community portfolio."
In June 1997, Host Marriott acquired a 59% interest in the Remington
Club II as part of the Forum Group, Inc.
acquisition. Remington Club II was developed by Forum in 1990 and is the second phase of a two-phase senior
living development. The first phase, Remington Club I, is already owned by a wholly owned subsidiary of Host
The 17-acre resort-style community has 246 independent living apartments,
100 assisted living suites, and 59
skilled nursing beds. Built within a master planned community with 72 holes of golf within 3 miles, mountain
views and an almost a perfect year-round climate.
Mr. Nassetta added, "The Remington Club is an outstanding asset in a
superb location. The community is an
excellent representation of the quality of the Forum Group portfolio. We continue to be pleased with the
operating results of our Forum Group assets and expect this year's EBITDA should increase approximately 15%
Host Marriott is a lodging company which owns 96 upscale and luxury
full- service hotels operated primarily
under the Marriott and Ritz-Carlton brand names. Additionally, the company owns 31 senior living communities,
all of which are managed by Marriott Senior Living Services Inc., a division of Marriott International Inc. The
company also serves as general partner and holds minority interests in various unconsolidated partnerships
which own 241 lodging properties, 21 of which are full-service hotels.
Certain matters discussed within this news release are forward-looking
statements within the meaning of the
Private Litigation Reform Act of 1995 and as such may involve known and unknown risks, uncertainties, and
other factors which may cause the actual results, performance or achievements of Host Marriott Corporation to
be different from any future results, performance of achievements expressed or implied by such forward-looking
statements. Although Host Marriott believes the expectations reflected in such forward- looking statements are
based upon reasonable assumptions, it can give no assurance that its expectations will be attained. These risks
are detailed from time to time in the company's filings with Securities and Exchange Commission.
For further information on Host Marriott Corporation, please visit its new Web site www.hostmarriott.com.