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Business Description
Host Marriott Corporation, operating through an umbrella partnership structure, is primarily the owner of hotel properties. The Company operates as a self-managed and self-administered real estate investment trust (REIT) with its operations conducted solely through an operating partnership, Host Marriott, L.P. and its subsidiaries. Host Marriott is the sole general partner of Host LP and as of December 31, 2003, owns approximately 93% of the partnership interests. As of February 15, 2004, the Company owned, or had controlling interests in, 113 upper-upscale and luxury, full-service hotel lodging properties generally located throughout the United States, Canada and Mexico operated primarily under the Marriott, Ritz-Carlton, Four Seasons, Hyatt and Hilton brand names. In addition to its hotels, Host Marriott maintains investments in a joint venture and partnerships that in the aggregate own four full-service hotels, 120 limited-service hotels, the Tiburon Golf Club and other investments.

Financial Information
For the 36 weeks ended 9/10/04, revenues rose 9% to $2.54 billion. Net loss from continuing operations before acctg. change and applicable to Common fell 25% to $114 million. Results reflect higher room revenue due to increased occupancy rates and the absence of dividends on preferred securities.