<PAGE>
Exhibit 99
For Immediate Release
Senior Vice President and
Corporate Controller
Date: November 29, 2000
Contacts: Heather Scanlon (240) 694-2067
Crestline Capital Corporation
Greg Larson (301) 380-2076
Host Marriott Corporation
HOST MARRIOTT AND CRESTLINE CAPITAL JOINTLY
ANNOUNCE EXECUTION OF A DEFINITIVE AGREEMENT
FOR THE PURCHASE AND SALE OF LESSEE ENTITIES
BETHESDA, MD, November 13, 2000 -- Host Marriott Corporation (NYSE: HMT)
and Crestline Capital Corporation (NYSE: CLJ) today announced that they had
reached a definitive agreement for the purchase and sale of the entities owning
the lease rights to Host Marriott's portfolio of full-service hotels. The
purchase and sale transaction will generally transfer ownership of those lessee
entities currently owned by Crestline Capital to a subsidiary of Host Marriott
for total consideration of $205 million, the proceeds of which will be paid
entirely in cash.
Mr. Christopher J. Nassetta, Host Marriott president and chief executive
officer, stated, "The consummation of this transaction, which is permitted as a
result of the passage of the REIT Modernization Act, will simplify our corporate
structure and enable us to better control our portfolio of premier full-service
hotels. Further, the transaction is expected to be accretive to 2001 FFO per
share by $.06 to $.07."
Bruce D. Wardinski, Crestline Capital chairman of the board, president and
chief executive officer added, "While these leases have been profitable for
Crestline, they are more appropriately held by the owner of the hotel. The final
purchase price is consistent with our full-year 2000 estimated leakage, which is
lower than prior expectations."
Mr. Wardinski continued, "We will use the cash proceeds to continue
implementing our dual strategy of growing our hotel management business and
purchasing our stock. A significant portion of the proceeds from the transaction
will be deployed to fund a tender offer for our common stock in the first
quarter of 2001. Details on the tender offer will be announced in the coming
months."
The transaction, which is subject to normal closing conditions, is expected
to close at the beginning of 2001. The REIT Modernization Act, which was passed
on December 17, 1999 and takes effect on January 1, 2001, in part allows lodging
REITs to lease their hotels to subsidiaries of the REIT.
About the companies
Host Marriott Corporation is a lodging real estate company which owns 122
upscale and luxury full-service hotel properties primarily operated under
Marriott, Ritz-Carlton, Four Seasons, Hyatt, Hilton and Swissotel brand names.
For further information on Host Marriott Corporation, please visit the Company's
website at www.hostmarriott.com.
--------------------
Crestline Capital Corporation, parent company of Crestline Hotels &
Resorts, is the nation's largest independent hotel leasing company, majority
owner of an upscale extended-stay hotel portfolio, and owner of one of the
nation's premier senior living community portfolios. Additional information
about Crestline Capital Corporation is available at the company's web site:
www.crestlinecapital.com.
------------------------
Note: Certain matters discussed herein are forward-looking statements within the
meaning of the Private Litigation Reform Act of 1995. Certain, but not
necessarily all, of such statements can be identified by the use of
forward-looking terminology, such as "believes," "expects," "may," "will,"
"should," "estimates" or "anticipates" of the negative thereof or comparable
terminology. All forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual transactions,
results, performance or achievements of Host Marriott or Crestline Capital to be
materially different from any future transactions, results, performance or
achievements expressed or implied by such forward-looking statements. These may
include: (i) national and local economic and business conditions or governmental
regulations that will affect demand, prices, wages or other costs for hotels and
senior living communities; (ii) the level of rates and occupancy that can be
achieved by such properties; (iii) the ability to compete effectively in areas
such as access, location, quality of properties and rate structures; (iv) the
ability to maintain the properties in a first-class manner (including meeting
capital expenditure requirements); (v) the availability and terms of financing;
(vi) governmental actions and initiatives including the REIT Modernization Act;
and (vii) changes to the public pay systems for medical care and the need for
compliance with environmental licensure and safety requirements. Although the
Companies believe the expectations reflected in such forward-looking statements
are based upon reasonable assumptions and business opportunities, they can give
no assurance that their expectations will be attained or that any deviations
will not be material. The Companies undertake no obligation to publicly release
the result of any revisions to these forward-looking statements that may be made
to reflect any future events or circumstances.
