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Hyatt Announces Sale Of Three-Property Portfolio For Approx. $1.0 Bln

Hyatt Hotels Corp. (H) announced the company has reached a definitive agreement with Host Hotels & Resorts (HST) for the sale of the 301-room Andaz Maui at Wailea Resort, the 668-room Grand Hyatt San Francisco, and the 454-room Hyatt Regency Coconut Point Resort and Spa for approximately $1.0 billion. Two of the three hotels, 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.

Assuming closing in late March, Hyatt anticipates a net reduction in consolidated adjusted EBITDA of approximately $40 million for the three properties combined over the remainder of 2018. With the completion of the transaction, the company is increasing its 2018 guidance for return of capital to shareholders to a minimum of $500 million from the previous guidance of at least $300 million.

Hyatt will continue to manage the three hotels under long-term management agreements.

by RTT Staff Writer

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