Hyatt Hotels Corp. has announced the company has closed on $812 million in previously announced asset sales.
According to a news release, the company has recently closed on the dispositions of four properties:
- The Hyatt Regency Indian Wells Resort & Spa,
- The Grand Hyatt San Antonio River Walk,
- The Driskill in Austin, Texas and
- The Confidante Miami Beach.
Sunstone Hotel Investors, which bought The Confidante for $232 million or $684,000 per room, announced plans to renovate the property and convert it to The Andaz Miami Beach.
Those hotel sales, which came in at an aggregate multiple of 15.7-times 2019 earnings, represent roughly 40% of the company's commitment to sell off $2 billion in owned assets. The company is currently marketing two more of its owned hotels, as it continues to move to a more asset-light, fee-based model driven by its more than two dozen brands.
President and CEO Mark Hoplamazian stated the latest wave of deals marked "meaningful and expeditious progress" in reaching Hyatt's disposition target.
Hyatt also released an operational update for in May, noting that revenue per available room reached its highest mark since November 2019 at $127. Systemwide RevPAR remained roughly 6% below May 2019, but that was solely due to the impact of slowed performance in the Asia-Pacific region. Excluding those hotels, RevPAR was 3% higher than May 2019.