BETHESDA, Md., Dec. 16, 2014 — Host Hotels & Resorts, Inc. (NYSE: HST), announced today that as part of the Company’s efforts to reposition the Four Season’s Philadelphia hotel to a third-party managed independent luxury hotel, the Company has selected Sage Hospitality to manage the hotel starting in June 2015. Sage is one of the largest privately held hospitality investment, management and development companies in the nation operating more than 60 premium branded and lifestyle hotels, as well as nine unique independent restaurant concepts.
Sage will be an integral partner in transforming the current Four Seasons to a new luxury hotel with a unique identity. Extensive multi-million dollar renovations including numerous value enhancement projects are expected to begin at the time of the management transition in June 2015. The hotel will be closed during the renovation period with a planned reopening in the fall of 2015. This hotel is the first choice for many business and pleasure travelers to the city given its central location, close to the financial and commercial districts, surrounded by museums, shopping and history on the culture hub of the Benjamin Franklin Parkway. The Company expects that the transformed hotel will appeal to both our long time loyal guest as well as the new generation of travelers and expects that the property will continue to be one of the top luxury hotels in Pennsylvania.
“We are very excited about this value enhancement opportunity to redevelop this landmark hotel. Sage’s wealth of experience with lifestyle hotels, combined with their highly successful and profitable restaurant division will make a critical contribution to the redevelopment of this asset. We expect that the transformation will drive meaningful value at this hotel,” said, Minaz B. Abji, executive vice president, Asset Management.
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