December 4, 2003

Marriott gets WTC insurance settlement

A day after Bethesda-based Host Marriott said it had collected $370 million in insurance settlements connected to the World Trade Center hotel it lost in the terrorist attack and damages to its nearby Marriott Financial Center Hotel, Marriott International, which managed the Ground Zero property, says it has settled.

Marriott International received $36.25 million from the property insurer for the New York Marriott World Trade Center hotel. The payment settles all outstanding matters related to the events of Sept. 11, 2001, the company said.

Host Marriott owned the hotel and, while it has waived its ground lease rights to speed redevelopment plans at the World Trade Center site, Host Marriott also has first rights of refusal to build another hotel as part of the redevelopment.

Host Marriott's New York Marriott Financial Center hotel, two blocks away, was damaged but it has since reopened and is still managed by Marriott International.

Host Marriott raised its guidance for the current quarter and said it would pay its preferred stock dividend as a result of the insurance settlement.

Marriott International did not say how its insurance payment would affect results.

© 2003 American City Business Journals Inc.

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