BETHESDA, MD–Host Hotels & Resorts announced it has placed “three irreplaceable Hyatt assets under contract for acquisition” in Hawaii, California and Florida as part of its quarterly earnings report.
They are the Andaz Maui in Wailea, the Grand Hyatt San Francisco and the Hyatt Regency Coconut Point in Bonita Springs, FL The properties are trading for a total of $1 billion, with the REIT putting down a $25 million deposit at-risk. These hotels “…are exactly the type of iconic real-estate we target and are located in what we believe are some of the best near-term growth markets in the US, said CEO James F. Risoleo in a prepared statement.
Risoleo noted that Host Hotels owns 10 Hyatt properties already and it looks “forward to growing that relationship in the future.”
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
