Host Hotels & Resorts sold two of its Four Seasons-branded resorts for a combined $1.1 billion.
In a news release ahead of its fourth-quarter and full-year 2025 earnings call today, the hotel-focused real estate investment trust said it sold the 444-key Four Seasons Resort Orlando at Walt Disney World Resort and its 125-key Four Seasons Resort and Residences Jackson Hole in Teton Village, Wyoming.
Though Host did not disclose the buyer of these resorts in the release, CoStar News’ Mark Heschmeyer reported an affiliate of merchant bank BDT & MSD Partners bought the Four Seasons Orlando property for $750 million. The sale of this property excludes its ongoing condo development. CoStar data lists BDT & MSD Partners as the buyer of the Jackson Hole resort, as well.
Host bought the properties in 2021 and 2022, respectively, for a total of $925 million, and neither required significant capital expenditures in the following years.
The $1.1 billion sale price represents a 14.9-times multiple on trailing 12-month earnings before interest, taxes, depreciation and amortization, according to the release. That includes roughly $88 million of estimated foregone capital expenditures over the next five years. The combined investment represents an 11% unlevered internal rate of return while Host owned them. That includes $58 million of capital expenditures, funded through its furniture, fixtures and equipment reserve, and transaction costs.
In the release, Host President and CEO James Risoleo said the sale of these two resorts represents another important step in advancing Host’s capital allocation strategy.
“We are pleased with our ability to monetize two recently acquired hotels at an attractive profit and an accretive multiple, and we will continue to use our competitive advantages to create value for our shareholders,” he said.
The company will use the proceeds from the sales to further solidify its balance sheet, he said.
“We will continue to be opportunistic in our capital allocation strategy while positioning Host to outperform over the long term,” he said.
Host also shared that it closed in January on its previously announced sale of the 232-key St. Regis Houston for $51 million.
Since 2018, Host has sold hotels for a combined $6.4 billion at a blended 16.7-times EBITDA multiple.