Host Hotels & Resorts Recommends that Holders of Operating Partnership Units of Host Hotels & Resorts, L.P. Reject “Mini-Tender” Offer by MacKenzie Capital Management, LP
Host Hotels & Resorts (NASDAQ: HST) has issued a recommendation for holders of Host Hotels & Resorts, L.P. Operating Partnership Units (OP Units) to reject the unsolicited "mini-tender" offer from MacKenzie Capital Management.
MacKenzie is offering to purchase up to 100,000 OP Units at $10.55 per unit (less cash distributions made after April 30, 2025). The company emphasizes this price is significantly below market value, as OP Units can be redeemed for 1.021494 shares of HST common stock, valued at approximately $17.74 based on the September 24, 2025 closing price of $17.37.
The company warns that mini-tender offers, which target less than 5% of equity, often avoid SEC disclosure requirements and may result in investors selling securities below market prices.
["OP Units can be redeemed for 1.021494 shares of common stock, offering higher value than the tender offer", "Current market value of OP Units is approximately $17.74, significantly above the tender offer price"]Host Hotels & Resorts (NASDAQ: HST) ha consigliato agli eventuali detentori delle OP Units di Host Hotels & Resorts, L.P. Operating Partnership Units (OP Units) di rifiutare l\'offerta non richiesta di tipo mini-tender da parte di MacKenzie Capital Management.
MacKenzie propone di acquistare fino a 100.000 OP Units al prezzo di $10,55 per unità (al netto delle distribuzioni in cassa effettuate dopo il 30 aprile 2025). L\'azienda sottolinea che tale prezzo è significativamente inferiore al valore di mercato, poiché le OP Units possono essere riscattate per 1,021494 azioni ordinarie HST, valutate circa $17,74 in base al prezzo di chiusura del 24 settembre 2025 di $17,37.
L\'azienda avverte che le offerte di mini-tender, che mirano a meno del 5% delle azioni, spesso non richiedono la disclosure SEC e possono portare gli investitori a vendere titoli a prezzi inferiori a quelli di mercato.
Host Hotels & Resorts (NASDAQ: HST) ha emitido una recomendación para los titulares de las OP Units de Host Hotels & Resorts, L.P. Operating Partnership Units (OP Units) para rechazar la oferta no solicitada de tipo mini-tender de MacKenzie Capital Management.
MacKenzie propone comprar hasta 100.000 OP Units a $10,55 por unidad (menos las distribuciones en efectivo realizadas después del 30 de abril de 2025). La empresa subraya que este precio está significativamente por debajo del valor de mercado, ya que las OP Units pueden canjearse por 1,021494 acciones ordinarias de HST, valoradas en aproximadamente $17,74 con base al precio de cierre del 24 de septiembre de 2025 de $17,37.
La empresa advierte que las ofertas mini-tender, que se dirigen a menos del 5% del capital, a menudo omiten obligaciones de divulgación ante la SEC y pueden hacer que los inversionistas vendan valores por debajo de los precios de mercado.
Host Hotels & Resorts (NASDAQ: HST)는 Host Hotels & Resorts, L.P. Operating Partnership Units(OP Units) 보유자들에게 MacKenzie Capital Management의 비권유형 미니 입찰(mini-tender) 제안을 거부하라고 권고했습니다.
MacKenzie는 단위당 $10.55로 최대 100,000 OP Units를 매수하되 2025년 4월 30일 이후의 현금 분배를 차감한다고 제시합니다. 이 가격은 시장 가치보다 상당히 낮으며, OP Units는 1.021494주의 HST 보통주로 상환될 수 있으며, 2025년 9월 24일 종가인 $17.37을 기준으로 약 $17.74에 해당합니다.
회사는 소액 입찰(mini-tender) 제안은 주식의 5% 미만을 겨냥하고 SEC 공시 의무를 회피하는 경우가 많아 투자자들이 시세보다 낮은 가격에 유가증권을 매도할 수 있음을 경고합니다.
Host Hotels & Resorts (NASDAQ : HST) a publié une recommandation à l’attention des détenteurs d’OP Units de Host Hotels & Resorts, L.P. Operating Partnership Units (OP Units) pour rejeter l’offre non sollicitée de type mini-tender de MacKenzie Capital Management.
MacKenzie propose d’acheter jusqu’à 100 000 OP Units à 10,55 $ par unité (moins les distributions en espèces versées après le 30 avril 2025). La société souligne que ce prix est nettement inférieur à la valeur marchande, car les OP Units peuvent être rachetées pour 1,021494 actions ordinaires HST, évaluées à environ $17,74 sur la base du cours de clôture du 24 septembre 2025 de 17,37 $.
La société avertit que les offres mini-tender, qui visent moins de 5% des capitaux propres, omettent souvent les exigences de divulgation de la SEC et peuvent conduire les investisseurs à vendre des valeurs mobilières à des prix inférieurs à ceux du marché.
Host Hotels & Resorts (NYSE: HST) hat Investoren, die Inhaber von OP Units der Host Hotels & Resorts, L.P. Operating Partnership Units sind, geraten, das unaufgeforderte Mini-Tender-Angebot von MacKenzie Capital Management abzulehnen.
MacKenzie bietet den Kauf von bis zu 100.000 OP Units zu 10,55 $ pro Einheit (abzüglich Barabfindungen, die nach dem 30. April 2025 geleistet werden). Das Unternehmen betont, dass dieser Preis deutlich unter dem Marktwert liegt, da OP Units gegen 1,021494 Stammaktien von HST eingetauscht werden können, was bei dem Schlusskurs vom 24. September 2025 von 17,37 $ ungefähr 17,74 $ entspricht.
Das Unternehmen warnt, dass Mini-Tender-Angebote, die weniger als 5% des Eigenkapitals betreffen, oft SEC-Offenlegungspflichten umgehen und Anleger dazu bringen können, Wertpapiere unter dem Marktpreis zu verkaufen.
HOST Hotels & Resorts (تداولها في ناسداك: HST) أصدرت توصية لحملة وحدات الشراكة التشغيلية OP Units الخاصة بـ Host Hotels & Resorts, L.P. Operating Partnership Units (OP Units) ب رفض عرض من نوع mini-tender غير المطلوب من MacKenzie Capital Management.
تقدم MacKenzie لشراء حتى 100,000 OP Units بسعر 10.55 دولار للوحدة (مع استبعاد التوزيعات النقدية التي تقرر بعد 30 أبريل 2025). وتؤكد الشركة أن هذا السعر أقل بكثير من القيمة السوقية، حيث يمكن استبدال وحدات OP بـ 1.021494 سهماً من أسهم HST العادية، وتقدر قيمتها بحوالي $17.74 استناداً إلى إغلاق 24 سبتمبر 2025 البالغ 17.37 دولاراً.
وتحذر الشركة من أن عروض mini-tender التي تستهدف أقل من 5% من الأسهم غالباً ما تتجنب متطلبات الإفصاح لدى SEC وقد يؤدي ذلك إلى بيع المستثمرين للأوراق المالية بسعر أقل من السوق.
Host Hotels & Resorts (纳斯达克: HST) 已对 Host Hotels & Resorts, L.P. Operating Partnership Units (OP Units) 的持有者发出建议，拒绝 MacKenzie Capital Management 的无要求“迷你竞价”要约。
MacKenzie 提议以每单位 10.55 美元，最多购买 100,000 OP Units（扣除自 2025 年 4 月 30 日起的现金分配）。该公司强调此价格远低于市场价值，因为 OP Units 可赎回为 1.021494 股 HST 普通股，以 2025 年 9 月 24 日收盘价 17.37 美元为基准，约值 17.74 美元。
该公司警告称，目标在不到公司股本 5% 的迷你竞价往往不需要符合 SEC 的披露要求，投资者可能以低于市场价价格出售证券。
- None.
- Unsolicited mini-tender offer attempts to acquire OP Units at significant discount to market value
- Mini-tender offer structure avoids SEC disclosure and procedural requirements
BETHESDA, Md., Sept. 25, 2025 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”) has learned that certain affiliates of MacKenzie Capital Management, LP (“Purchaser”) made an unsolicited “mini-tender” offer for up to 100,000 operating partnership units (“OP Units”) of Host Hotels & Resorts, L.P. (“Host L.P.”) at a price of
Mini-tender offers seek less than 5 percent of a company’s outstanding equity. This allows the offering company to avoid many of the United States Securities and Exchange Commission (the “SEC”) disclosure and procedural requirements for tender offers. The SEC’s guidance to investors on “mini-tender” offers is available at www.sec.gov/investor/pubs/minitend.htm. This guidance advises that mini-tender offers “have been increasingly used to catch investors off guard” and that investors “may end up selling their securities at below-market prices.”
After careful evaluation of the MacKenzie Offer, the Company and Host L.P. recommend that the holders of OP Units reject this unsolicited offer. In making this recommendation, the Company primarily considered that the offer price in the MacKenzie Offer is below the
The Purchaser has made many similar unsolicited mini-tender offers for equity of other companies and multiple earlier unsolicited mini-tender offers to holders of Host L.P. units at a similar discount to current market value. Like its other offers, this offer puts individual investors at risk because they may not realize they are selling their OP Units at a discount. The Company urges investors to get current quotes for the Company’s common stock for which their OP Units may be redeemed, consult their financial and tax advisors and exercise caution with respect to the MacKenzie Offer. The Company recommends that holders of OP Units who have not responded to the Purchaser’s offer take no action. The Company encourages brokers and dealers, as well as other market participants, to review the SEC’s letter regarding broker-dealer mini-tender offer dissemination and disclosure at:
http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Holders of OP Units should consult with their personal financial advisor or other legal, tax or investment professional(s) regarding any questions they may have.
The Company requests that broker dealers, and other market participants, include a copy of this press release with all distributions to their clients of materials related to the MacKenzie Offer.
About Host Hotels & Resorts
Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 75 properties in the United States and five properties internationally totaling approximately 42,900 rooms. The Company also holds non-controlling interests in seven domestic and one international joint ventures.
| SOURAV GHOSH Chief Financial Officer (240) 744-5267 | JAIME MARCUS Investor Relations (240) 744-5117 ir@hosthotels.com |
FAQ
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