• Host unveils European JV

Host Marriott and Starwood Hotels have unveiled details of their European joint venture that is part of the $3.8bn sale of Starwood assets.

A Dutch pension fund and GIC Real Estate are linking up with Host to own six European hotels worth $621m.

Stichting Pensioenfonds ABP is to hold 19.9% and Jasmine Hotels, a subsidiary of GIC, the Singapore Government's real estate investment company, is to hold 48%. The remaining 32.1% is to be held by Host. The asset management function will be carried out by Host.

Three hotels in Canada that were part of the wider deal have been taken out due to tax reasons. This has trimmed $276m off the purchase price.

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