Davis Polk advised Host Hotels & Resorts, Inc. in connection with its acquisition of the 775-room New York Helmsley Hotel from The Leona M. and Harry B. Helmsley Charitable Trust and Harley of New York Associates for a purchase price of $313.5 million. The New York Helmsley Hotel will undergo significant property improvements, including complete guestroom and guest bath renovations, as well as upgrades to the meeting space. The Westin brand will be added to the hotel upon completion of the improvements, which is projected to be early to mid-2012.

Host Hotels & Resorts, Inc. is an S&P 500 and Fortune 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper upscale hotels.

The Davis Polk real estate team included partner Thomas Patrick Dore Jr., counsel James P. McIntyre and associate Elina Khasina. Counsel Betty Moy Huber and associates Kevin J. Klesh and Ona Oshen provided environmental advice. Rana S. Ramjas was the legal assistant for the transaction. All members of the Davis Polk team are based in the New York office.

The Leona M. and Harry B. Helmsley Charitable Trust and Harley of New York Associates were advised by Skadden, Arps, Slate, Meagher & Flom LLP.