Bethesda, Md., Sept. 14 /PRNewswire-FirstCall/ -- Host Hotels & Resorts, Inc. (NYSE:HST) announced that its Board of Directors authorized a dividend of $0.25 per share on its common stock. The dividend is payable on December 18, 2009 to common stockholders of record at the close of business on November 6, 2009. (Logo: http://www.newscom.com/cgi-bin/prnh/20060417/HOSTLOGO ) In accordance with Internal Revenue Service Revenue Procedure 2009-15, stockholders will be asked to make an election to receive this dividend either in cash or in shares of the Company's common stock. Stockholders who do not make an election will receive shares of common stock. The Board of Directors has determined to pay this dividend in cash, shares of common stock or a combination of cash and shares of common stock, provided that the cash component of the dividend (other than cash paid in lieu of fractional shares) will not exceed 10% of the aggregate dividend. To the extent the cash elections by stockholders would exceed 10% of the aggregate dividend, the cash portion will be prorated. For stockholders who will receive shares of common stock in payment for all or part of the dividend, the value per share used to determine the number of shares to be issued will be calculated based on the volume weighted average price per share of the Company's common stock on the New York Stock Exchange for the three-day period December 7, December 8 and December 9, 2009. The Company intends that the dividend will be treated as a taxable dividend to its stockholders for U.S. federal income tax purposes, without regard to whether payment is received in cash, shares of common stock or a combination of both. An information letter and dividend election form will be mailed to stockholders of record promptly after November 6, 2009. The information letter will describe in more detail the terms of the dividend, including the ability of stockholders to elect to receive the dividend in cash or in shares of common stock, subject to the 10% limit on the cash component of the dividend. The properly completed election form must be received by Computershare Trust Company, N.A., the Information Agent (and the Company's transfer agent), prior to 5:00 p.m. Eastern Time on December 4, 2009. Registered stockholders with questions regarding the dividend election may call Computershare Trust Company, N.A., at 800-519-3111. Stockholders who hold their shares through a bank, broker, or nominee and have questions regarding the dividend election should contact their bank, broker, or nominee, who will be responsible for distributing to them the election information and submitting the election form on their behalf. The Company also declared a cash dividend of $0.5546875 per share on its Class E cumulative redeemable preferred stock for the third quarter of 2009. The preferred dividend is payable on October 15, 2009 to stockholders of record on September 30, 2009. About Host Hotels & Resorts Host Hotels & Resorts, Inc. is an S&P 500 and Fortune 500 company that is the largest lodging real estate investment trust and one of the largest owners of luxury and upper upscale hotels. The Company currently owns 112 properties with approximately 62,000 rooms, and also holds a minority interest in a joint venture that owns 11 hotels in Europe with over 3,500 rooms. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott , Ritz-Carlton , Westin , Sheraton , W , St. Regis , The Luxury Collection , Hyatt , Fairmont , Four Seasons , Hilton and Swissotel * in the operation of properties in over 50 major markets worldwide. For additional information, please visit the Company's website at http://www.hosthotels.com/. Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "continue" and other similar terms and phrases, including references to assumption and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: national and local economic and business conditions, including the potential for terrorist attacks, that will affect occupancy rates at our hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; relationships with property managers; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; our ability to complete acquisitions and dispositions; and our ability to continue to satisfy complex rules in order for us to qualify as a REIT for federal income tax purposes and other risks and uncertainties associated with our business described in the Company's filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of September 14, 2009, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. * This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release. http://www.newscom.com/cgi-bin/prnh/20060417/HOSTLOGO http://photoarchive.ap.org/ DATASOURCE: Host Hotels & Resorts, Inc. CONTACT: Gregory J. Larson, Executive Vice President Investor Relations, +1-240-744-5800, of Host Hotels & Resorts, Inc. Web Site: http://www.hosthotels.com/

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