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Host Hotels to acquire 3 hotels in US for $1bn

Host Hotels to acquire 3 hotels in US for $1bn

Mubasher: Host Hotels and Resorts has approved buying three Hyatt-managed hotels in the US with a total cost of $1 billion.

The three hotels are Andaz Maui with 301 rooms in Hawaii, 668-room Grand Hyatt San Francisco and 454-room Hyatt Regency Coconut Point in Florida, the global hospitality company said. 

The contract comes with a $25 million deposit at-risk, according to MarketWatch.

“[The 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 U.S,” James F. Risoleo, CEO, said.

Hyatt Hotels Corporation will continue managing the three hotels under long-term management agreements. 

It is expected that the acquisition deal will be funded through cash and credit, and the purchase process will be finalised by the end of the first quarter of 2018.