Hotel Online Special Report
Host Marriott Announces Formation of a Joint Venture in Asia with Jones Lang Wootton
WASHINGTON, June 30, 1998 -  Host Marriott Corporation (NYSE: HMT) announced today that it has entered into a venture with Jones Lang Wootton (JLW) to acquire Four and Five Star hotels in Southeast Asia and the Pacific Rim. The venture will be based in Singapore and will be managed by representatives from both companies.

Terence C. Golden, president and chief executive officer, stated, "The objective of this alliance will be consistent with Host Marriott's domestic strategy -- to acquire four and five star high quality hotels in difficult to replace locations in Southeast Asia. We are fortunate to have an opportunity to establish a strategic relationship with JLW. They have a significant long standing network of relationships in Southeast Asia and the world."

Mr. Golden continued, "Over the past two to three years, 200 high quality four and five star hotels have opened in the region creating a significant supply/demand imbalance. With the recent economic turmoil and currency devaluation, Host Marriott sees a unique opportunity to acquire quality hotels at significant discounts to replacement cost. The anticipated economic recovery in the region should provide the company an opportunity for significant capital appreciation over time."

Mr. Christopher J. Nassetta, executive vice president and chief operating officer, added, "Host Marriott will be the first lodging company in Asia with this type of commitment which demonstrates our opportunistic approach to growth. We are pleased to have formed an alliance with JLW, the preeminent hospitality advisor, asset manager and broker in the Asia region."

Host Marriott is a lodging real estate company which owns 101 upscale and luxury full-service hotels. Additionally, the company owns 31 senior living communities. The company also serves as a general partner and holds minority interests in various unconsolidated partnerships which own 240 lodging properties, 20 of which are full-service hotels.

JLW is one of the largest full-service real estate advisory, asset management and brokerage firms in the world. Headquartered in London, JLW has 84 offices in 33 countries around the world and has had an Asian presence for over 25 years. With over 1,000 real estate professionals in Asia, it has 19 offices in 17 countries and is dominant in its core advisory, asset management and brokerage businesses. JLW TransAct, JLW's hotel consulting affiliate, has 70 hotel professionals in the region and is also dominant in these core businesses.

For further information on Host Marriott Corporation, please visit its Web site at

Certain matters 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 to be different from any future results, performance or 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 the Securities and Exchange Commission.

Geof Wendt of Host Marriott Corporation, 301-380-5694
Mary Quinn of Jones Lang Wootton,
Web site:
Also see: 
Host Marriott Corporation Acquires Ritz-Carlton, Phoenix for a Total of $75 Million / May 1998   
Host Marriott Corporation Acquires the Ritz-Carlton, Tysons Corner, Virginia for $96 Million / June 1998 

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