BETHESDA, Md., Dec. 20 /PRNewswire-FirstCall/ -- Host Marriott Corporation (NYSE: HMT) announced today that its Board of Directors declared a regular cash dividend of $0.625 per share on its Class A Cumulative Redeemable Preferred Stock, Class B Cumulative Redeemable Preferred Stock and Class C Cumulative Redeemable Preferred Stock for the fourth quarter of 2002. The dividend is payable on January 15, 2003 to shareholders of record at the close of business on December 31, 2002. The Company also announced that it does not intend to pay a fourth quarter dividend on its common stock.
The Company affirms its prior earnings guidance for calendar year 2002. The Company is still completing its 2003 budget process; however, its current outlook is that comparable RevPAR growth will be closer to the lower end of the previously disclosed range of 0-4 percent. Given expectations for modest growth in comparable RevPAR and above inflationary increases in insurance and wage and benefit costs, it is anticipated that there will be further margin deterioration in 2003. The Company expects to give more specific earnings guidance in the first quarter of 2003.
Host Marriott Corporation is a Fortune 500 lodging real estate Company, which owns 123 upscale and luxury full-service hotel properties primarily operated under Marriott, Ritz-Carlton, Four Seasons, Hyatt, Hilton and Swissotel brand names.
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