Currently Closed to Re-Open in the Fall of 2015
BETHESDA, Md., Jan. 6, 2015 — Host Hotels & Resorts, Inc. (NYSE: HST) and Kokua Hospitality, LLC, announced today that The Powell Hotel in San Francisco will be converted to a new independent identity and renamed the Axiom Hotel. The Company acquired the hotel in early 2014 with the intent to transform the hotel and has selected Kokua Hospitality as the operator. Kokua Hospitality is a hotel management firm that focuses on producing superior results as turnaround specialists on behalf of the strategic institutional and select private lodging investors it serves.
“We are excited to unveil the new name, Axiom Hotel, marking the beginning of a significant transformation that will create meaningful value in this asset. The hotel was acquired as part of our strategy of narrowing our investment markets, primarily focusing on gateway cities and urban and resort/conference markets, while establishing a deeper foothold in those markets by expanding our investments to include upscale properties that may be operated by an independent manager or without a major brand affiliation. The Axiom Hotel is a great example of this strategy,” said Struan B. Robertson, executive vice president and chief investment officer of Host Hotels & Resorts.
The property is located in the heart of downtown San Francisco, two blocks from Union Square, three blocks from the Moscone Convention Center, and steps from the cable car turnaround. The Powell Hotel closed at the end of December and is expected to reopen with 152 rooms as the transformed Axiom Hotel in the fall of 2015.
“We are extremely excited to begin the renovation of the Axiom Hotel” said Phil Tufano, chief operating officer of Kokua Hospitality. “Just steps away from the action, the hotel’s innovative expression will exude the historic and energetic elements of San Francisco’s arts, music, and culinary scene all for our guests to savor. High tech customized amenities will allow our guests to explore and stay productive. Lively yet warm, hospitable service is sure to capture the savvy tourist and business traveler.”
For more information and to follow the progress of the renovation, see the hotel’s new website, www.axiomhotel.com.
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: changes in national and local economic and business conditions that will affect occupancy rates at our hotels and the demand for hotel products and services; the impact of geopolitical developments outside the U.S. on lodging demand; volatility in global financial and credit markets; operating risks associated with the hotel business; risks and limitations in our operating flexibility associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; risks associated with our relationships with property managers and joint venture partners; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; the effects of hotel renovations on our hotel occupancy and financial results; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; risks associated with our ability to complete acquisitions and dispositions and develop new properties and the risks that acquisitions and new developments may not perform in accordance with our expectations; our ability to continue to satisfy complex rules in order for us to remain a REIT for federal income tax purposes; and other risks and uncertainties associated with our business described in the Company’s filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
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