Host Hotels & Resorts has instructed Carey on the sale of its Chilean subsidiaries to Fondo de Inversión Inversiones Hoteleras, which has turned to Claro & Cía for counsel.
The deal, subject to the approval from antitrust authorities and other conditions, is valued at $95 million.
The transaction involves the sale by Host Hotels & Resorts of its subsidiaries Inversiones y Hotelera Host San Cristóbal and Hotelera Host San Cristóbal, respectively owner and lessee of the Sheraton Santiago hotel and the San Cristóbal Tower hotel. Both properties are managed by Starwood in the Chilean capital.
The buyer, Fondo de Inversión Inversiones Hoteleras, is the hotel investment fund subsidiary of Chilean financial services group Larraín Vial.
Partners Marcos Rios and Lorena Pavic fronted the Carey team advising Host Hotels & Resorts. Partner Jorge Martin, with Claro y Cía, led the team acting for Fondo de Inversión Inversiones Hoteleras.