Host Marriott Corporation Announces Stockholder Approval of Issuance of Shares Related to Acquisition of Hotels From Starwood Hotels & Resorts
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Host Marriott Corporation Announces Stockholder Approval of Issuance of Shares Related to Acquisition of Hotels From Starwood Hotels & Resorts
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2006-04-07
Host Marriott Corporation (NYSE:HMT) today announced it has received the approval of its stockholders for the issuance of approximately 133.5 million common shares of the Company in accordance with its planned acquisition of 35 hotels from Starwood Hotels & Resorts Worldwide, Inc. ("Starwood"). The proposal was approved overwhelmingly, with over 99 percent of the votes cast being cast in favor of the share issuance.
The Company expects to complete the purchase of 30 of the hotels from Starwood on April 10, 2006, and to complete the purchase of four of the remaining hotels, which are located in Europe, by the previously-announced joint venture between the Company and two partners by no later than May 3, 2006 and to complete the purchase of the final hotel, The Westin Europa & Regina in Venice, Italy, by no later than June 15, 2006.
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