logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Shares of Deutsche Telekom AG were losing around 2 percent in German trading after the telecom giant reported Thursday a net loss in its fourth quarter, compared to prior year's profit, despite increased revenues. Looking ahead, the company said its 2019 forecast shows undiminished growth momentum. Hormel Foods Corp. on Thursday reported a 20 percent decline in profit for the first quarter from last year, when results were aided by a benefit related to the U.S. tax reform. However, earnings per share for the quarter matched analysts' expectations, while revenues missed their estimates. Looking ahead, the branded food company reiterated its financial outlook for fiscal 2019. Southwest Airlines Co. said it will investigate whether a dispute with its mechanics union was the cause of an "unprecedented number" of out-of-service aircraft that resulted in flight cancellations and flight delays. Southwest Airlines COO Mike Van de Ven said in a statement that the airline has been negotiating with Aircraft Mechanics Fraternal Association or AMFA for more than six years.
Follow RTT