Host Marriott Corp.
This self-managed and self-administered real estate investment trust (REIT) owns full-service hotel properties, specifically 122 hotels representing approximately 58,000 rooms located throughout North America (March 2002), and operated under recognizable brand names including Marriott, Ritz-Carlton, Four Seasons, Hilton, Hyatt, and Swissôtel. According to Buildings' estimates of 300 square feet per hotel room, the company portfolio of property exceeds 17.5 million square feet of space in rooms alone. While the lodging industry is broadly segmented, Host Marriott focuses in urban markets in either the luxury lodging segment (represented by Ritz-Carlton and Four Seasons) or the upper-upscale lodging segment (represented by such brand names as Marriott, Hilton, Hyatt, and Swissôtel).
[Editors' Note: With an emphasis to maximize the value of its portfolio during an overall decline in the hospitality marketplace, Host Marriott has focused - in a big way - on renovating and upgrading the amenities of its existing properties, spending $230 million, $271 million, and $211 million over the past three years on Capital improvements.]