Hyatt Hotels Corporation (“Hyatt” or the “Company”) (NYSE:H) today summarized previously announced asset sales. Since May, the Company sold six owned full-service hotels for a total gross sales price of approximately $433 million. These asset sales complete the marketing process for six hotels that the Company began earlier this year and are consistent with the Company’s asset recycling strategy – selling certain hotels, maintaining presence in respective markets by entering into new management or franchise agreements, and re-investing sale proceeds into new hotels and other growth opportunities.
The six hotels are as follows:
- Hyatt Fisherman’s Wharf, 313 rooms
- Hyatt Santa Barbara, 195 rooms
- Hyatt Regency Denver Tech Center, 451 rooms
- Andaz Napa, 141 rooms
- Andaz Savannah, 151 rooms
- Hyatt Regency Santa Clara, 501 rooms
The total gross sales price reflects an approximate 5% trailing-twelve-month NOI capitalization rate or a greater than 15x trailing-twelve-month EBITDA multiple. Hyatt entered into new management or franchise agreements for each hotel. The new owners of the hotels have agreed to invest over $20 million on capital expenditures in total.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company’s subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place® and Hyatt House® brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Residence ClubTM. As of June 30, 2013, the Company’s worldwide portfolio consisted of 524 properties in 46 countries. For more information, please visit www.hyatt.com.
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Atish Shah, 312 780 5427