The $398,000-per-room purchase price was paid in part with proceeds from the company's recent equity issuance. The hotel's 2003 EBITDA is forecast to be approximately $33 million (forecasted GAAP operating profit of $23 million plus depreciation expense of $10 million). Host Marriott says it acquired the property for 20% below estimated replacement cost.

The Hyatt Regency Maui opened in 1980. It is located near historic Lahaina, which serves as the anchor for Maui's tourism industry. The hotel includes 25,000 sf of indoor meeting and banquet space and over 100,000 sf of outdoor function space, two spacious pool decks, gardens and lawns. The hotel's recently expanded Spa Moana, the only oceanfront full-service spa in Hawaii, totals 9,000 sf.