Suites Hotel Acquired
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NEWPORT BEACH — Host Marriott Corp. said Tuesday it has acquired, through foreclosure, a controlling interest in the 250-unit Marriott Suites Newport Beach.
Host Marriott said it expects the hotel to generate about $2.9 million in 1996 earnings before interest expense, taxes, depreciation, amortization and other noncash items. The hotel will continue to be managed by Marriott International Inc.
Host Marriott said it purchased an 83% interest in the mortgage loans secured by the hotel for $17.7 million earlier this year. Host Marriott is a lodging real estate company based in Bethesda, Md.
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