Host Marriott Corp. said on Monday it had agreed to pay about $4.04 billion to acquire a portfolio of 38 luxury and upscale hotels from Starwood Hotels and Resorts Worldwide Inc.
The sale of hotels in cities from Los Angeles to Madrid is the latest move by Starwood to shed its real estate assets and concentrate on operating, rather than owning hotels. The company had said it was in talks to sell $2 billion to $4 billion of real estate assets.
