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Host Hotels & Resorts, Inc. Acquires Hyatt Regency Austin For $161M In Cash

BETHESDA, Md., March 17, 2021 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ:HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today

· 03/17/2021 08:46

BETHESDA, Md., March 17, 2021 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ:HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced that it has acquired the fee simple interest in the 448-room Hyatt Regency Austin in Austin, Texas for approximately $161 million in cash. The purchase price represents a 10.0% capitalization rate and an 8.8x EBITDA multiple based on 2019 actual results(1) and reflects a 20-25% discount to pre COVID-19 pricing based on comparable publicly-disclosed hotel sales.(2) Hyatt will continue to manage Hyatt Regency Austin under a long-term management agreement.