Hyatt to Sell Three-Property Hotel Portfolio for $1B
CHICAGO — Hyatt Hotels Corp. (NYSE: H) has agreed to sell a three-property hotel portfolio to Host Hotels & Resorts Inc. (NYSE: HST) for approximately $1 billion. The transaction includes the Andaz Maui at Wailea Resort in Wailea, Hawaii, the Grand Hyatt San Francisco and the Hyatt Regency Coconut Point Resort and Spa in Bonita Springs, Fla.
Hyatt will continue to manage the three hotels under long-term management agreements. The transaction is expected to close at the end of March.
The 301-room Andaz Maui features a 15-acre beachfront setting, four infinity pools, 15,000 square feet of event space, five dining options, a spa and a fitness center.
Featuring 668 rooms, the Grand Hyatt San Francisco includes a 24-hour fitness center, as well as restaurant, lounge and event space on the 36th floor.
Located in southwest Florida, the 454-room Hyatt Regency Coconut Point features several pools, waterslides, a golf course, rock climbing wall, five restaurants and over 82,500 square feet of flexible space.
The sale reflects a recently announced initiative from Hyatt to reduce real estate ownership, according to Mark Hoplamazian, president and CEO of Hyatt.
Andaz Maui and Grand Hyatt San Francisco reflect a combined attributed sale value of approximately $800 million and form part of Hyatt’s ongoing $1.5 billion permanent sell-down program. The price of Hyatt Regency Coconut Point was approximately $200 million.
Chicago-based Hyatt is a global hospitality company with a portfolio of 14 brands and more than 700 properties. The company’s stock price closed at $81.28 per share on Thursday, Feb. 22, up from $51.26 per share one year ago.
Based in Bethesda, Md., Host Hotels & Resorts is a real estate investment trust that invests in hotels. The company’s stock price closed at $19.09 per share on Thursday, Feb. 22, up from $18.03 per share one year ago.
— Kristin Hiller