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BETHESDA, MD-Host Marriott Corp. has taken a step forward in its plan to acquire 35 hotels from Starwood Hotels & Resorts Worldwide Inc. now that the hotel real estate company's stockholders have given their approval for the issuance of approximately 133.5 million common shares to help fund the transaction. Host Marriott has agreed to purchase the properties from Starwood for a total of $3.76 billion.

The issuance of shares will provide the equity portion of the payment, approximately $2.3 billion. The remainder of the payment will be made via the assumption of about $100 million in debt and a cash payment.

The transaction will close in phases. The first phase will involve 30 hotels and is scheduled to close on April 10. Host Marriott will complete the acquisition of four European hotels with a joint venture by May 3, and the purchase of the final property, also located in Europe, will close no later than June 15.