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Host Marriott Closes on $321M Island Resort

MAUI-The Bethesda, MD-based hotel company acquires the 806-room Hyatt Regency Maui Resort and Spa located on 37 acres of fee simple oceanfront property on Kaanapali Beach.

By Brian K. Miller | Updated on November 14, 2003

MAUI-Host Marriott Corp. has closed on its acquisition of the 806-room Hyatt Regency Maui Resort and Spa located on 37 acres of fee simple oceanfront property on Kaanapali Beach. The Bethesda, MD-based hotel company acquired the property from an affiliate of Blackstone Real Estate Advisors.

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.

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