print header

# 1 Commercial Real Estate Information Company

  • Find Properties 
  • Market Properties 
  • Analyze Properties 
Products
Commercial Real Estate News

Host Hotels Agrees to Buy Trio of Hyatt Hotels in Hawaii, CA, FL for $1 Billion

Hyatt Will Continue to Manage Properties Following Transaction
February 21, 2018
The 301-room Andaz Maui is among a trio of resort hotels under contract to be acquired by Host Hotels & Resort in a $1 billion transaction.
credit: Hyatt Hotels Corp.


Bethesda, MD-based Host Hotels & Resorts, Inc. (NYSE:HST) announced an agreement to buy the 301-room Andaz Maui in Wailea, HI; the 668-room Grand Hyatt San Francisco in the city's Union Square district and the 454-room Hyatt Regency Coconut Point in Bonita Springs, FL for $1 billion.

Host Hotels posted a $25 million deposit in contracting to acquire the three properties, according to Host Hotels President and CEO James Risoleo, who announced the transaction Wednesday afternoon in the company's fourth-quarter and full-year 2017 earnings report.

"These assets are fee-simple and located in what the company believes are some of the top growth markets in the U.S., including Maui and San Francisco, which are benefitting from strong lodging demand and limited supply growth," Risoleo said.

Host Hotels already owns 10 Hyatt properties. Hyatt will continue to manage the hotels post-sale.

Host Hotels also announced on Wednesday it closed the $190 million sale of the Key Bridge Marriott in Arlington, VA, on Jan. 9 and is under contract to sell the W New York for $190 million in a separate deal expected to close in the second quarter. Capstone Equities and Highgate are reported to be the unconfirmed buyers.

Host Hotels reported fourth-quarter earnings of $0.42 per share on revenues of $1.34 billion. For the year, HST reported $5.39 billion in revenues, about 0.8% below 2016
"By opportunistically monetizing a great piece of real estate in Washington, D.C. and reducing our exposure in New York, we are putting into action key pillars of our revised strategy that we believe will create additional value for stockholders over time," Risoleo said in a release.

GET IN TOUCH        Contact CoStar News Team:   News@CoStar.com

 Find us on 

Welcome To CoStar's
Industry-Focused,
Award-Winning News

Winner of three Journalism Awards from the National Association of Real Estate Editors (NAREE)

Award-Winning News