Marriott Settles 9/11 Property Claims
NU Online News Service, Dec. 5, 10:35 a.m. EST?Host Marriott Corp. has settled its property claims stemming from the Sept. 11, 2001, terrorist attacks for $370 million, according to a statement released by the company.[@@]
The settlement with its insurer and the Port Authority of New York and New Jersey covers two hotels damaged in the attacks?the World Trade Center Marriott (which was part of the WTC complex), as well as the nearby Marriott Financial Center hotel.
The World Trade Center Marriott was totally destroyed by falling debris from the implosion of the two nearby towers. The Marriott Financial Center suffered substantial physical damage, but was repaired and has since reopened.
Host Marriott, the company said, gave up its lease to the World Trade Center Marriott under the settlement, but retained the right of first offer to build another hotel on the WTC site until 2023. Host Marriott also paid $65 million to cover its outstanding debt on the WTC hotel.
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