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Host Hotels to buy 3 Hyatt-managed hotels for $1B

The three hotels under contract for acquisition are the 301-room Andaz Maui in Hawaii, 668-room Grand Hyatt San Francisco and 454-room Hyatt Regency Coconut Point in Florida, the lodging real estate investment trust said late Wednesday. The contract comes ...

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Published: Feb 22, 2018 3:22 a.mET Share .st0{fill:#FFFFFF;} .st1{fill:#E12828;} .st2{fill:#FAEAEA;enable-background:new ;} .st3{fill:#FAD4D4;enable-background:new ;} window.videoDomain = ''; By AishaAl-Muslim Host Hotels & Resorts Inc HST, +0.52% has agreed to acquire three Hyatt-managed hotels for $1 billionThe three hotels under contract for acquisition are the 301-room Andaz Maui in Hawaii, 668-room Grand Hyatt San Francisco and 454-room Hyatt Regency Coconut Point in Florida, the lodging real estate investment trust said late WednesdayThe contract comes with a $25 million deposit at-riskThe 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.," CEO James FRisoleo said in prepared remarksThe hotels will continue to be managed by Hyatt under long-term management agreementsThe deal, which will be funded through cash and credit, is expected to close by the end of the first quarterThe Bethesda, Md., company also reported Wednesday a beat on earnings-per-share estimates and met revenue expectations for the fourth quarter, while net income fell 27.3% to $93 million, primarily due to a $43 million impairment expense and an increase in income tax expenseFor 2018, the company guided adjusted funds from operations between $1.60 to $1.70 a shareThe owner of luxury and upper-upscale hotels owns 87 properties in the U.Sand six properties internationally, including 10 Hyatt propertiesThe stock remained unchanged at $19.22 in after-hours trading WednesdayShares are up 2.8% in the last yearWrite to Aisha Al-Muslim at More from MarketWatch More Coverage Here’s why stock-market investors need to keep an eye on the yield curve Charts show that Dow 30,000 is still likely These stocks still look good even with the ‘end game’ coming Quote References HST +0.10 +0.52% MarketWatch Partner Center Most Popular NRA backlash: Major bank and car-rental giant are ending partnerships Head of world’s largest hedge fund says U.Sin a ‘pre-bubble phase’ with a 70% chance of recession Dow surges 350 points as stocks book weekly gains What’s better for you: a low-fat or low-carb diet? Scientists have an answer Americans donate more than $1 billion a dayHere's how $(function () { if (typeof dianomiUnitCallback !== 'undefined') { var dianomiCallback = new dianomiUnitCallback('articlerightrail', 2583, 'dianomiRightRail', ', '); dianomiCallback.initialize('dianomiRightRail'); } }); $(function() { if (window.MutationObserver) { // arrive breaks if MutationObserver not supported by browser $("#dianomiRightRail").arrive(".dianomiContent", function () { $("#dianomiRightRail").unbindArrive(); $("#dianomiRightRail").trigger("rendered"); }); } else { // TODO ~ remove; listening to this event causes performance problems $("#dianomiRightRail").on('DOMNodeInserted', function () { $("#dianomiRightRail").off('DOMNodeInserted'); $("#dianomiRightRail").trigger('rendered'); }); } }); We Want to Hear from You Join the conversation Comment (function () { var isSSL = 'https:' == document.location.protocol; window.nativeAdsContext = { appId: "CFEAB5E0AC88686BA597A26FB4B54555349E3478", apikey: "ARAPgnyc0MRHNRr40%2b9oSrfSwlZG5%2bAfMeBkG2%2fh9AatBHngxiuMRHpQ%2bFJ%2fxfgc2iE%3d", publisherId: "204461", publisherName: "MarketWatch", tracingtag: "mw-tracingtag", msNativeAdsScriptLoc: "//", pageCategory: "money", pageType: "articles", bingTrafficPercent: "100" }; window.bingNACallBackToLoadOtherScript = function() { window.medianet_width = "600"; window.medianet_height = "250"; window.medianet_crid = "305312222"; window.medianet_versionId = "111299"; var mnSrc = (isSSL ? 'https:' : 'http:') + '//' + (isSSL ? '&https=1' : '); document.write(''); } var date = new Date(); var concatDate = "?date=" + date.getFullYear() + "" + date.getMonth() + "" + date.getDate(); var bingNAJS = (isSSL ? 'https:' : 'http:') + window.nativeAdsContext.msNativeAdsScriptLoc + concatDate; document.write(''); })(); $(function () { if (typeof dianomiUnitCallback !== 'undefined') { var dianomiCallback = new dianomiUnitCallback('belowarticle', 2582, 'dianomiBelowArticle', 'dianomi__list', 'padding:10px'); dianomiCallback.initialize('dianomiBelowArticle'); } }); BACK TO TOP MarketWatch Site Index Topics Help Feedback Newsroom Roster Media Archive Premium Products Mobile Company Company Info Code of Conduct

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