By Stephen Nakrosis and Josh Beckerman

Real estate investment trust Host Hotels & Resorts Inc. (HST) said Monday it sold the New York Marriott Marquis retail, theater, and signage commercial condominium units to Vornado Realty Trust (VNO) for $442 million.

In 2012, Host Hotels and Vornado announced a redevelopment agreement for the retail space. Vornado said Monday that it previously owned a 54% stake and now holds 100%, and that the transaction satisfies a put/call arrangement.

Vornado's basis in the property totals about $663 million.

Host Hotels also closed on the sale of the W New York - Union Square hotel for a sale price of $171 million on Sept. 6.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com and Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

September 24, 2018 20:01 ET (00:01 GMT)

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