Host Hotels & Resorts to Acquire Three Hyatt Hotels in $1 Billion Deal
Andrew Gomes | The Honolulu Star-Advertiser | February 23, 2018 2:25pm
Feb. 23--Hyatt Hotels Corp. is selling its Andaz Maui at Wailea Resort luxury hotel as part of a $1 billion deal for three hotels.
The company, which opened the Andaz in 2013 with a partner by renovating the shuttered Renaissance Wailea hotel, is selling the 301-room property to real estate investment trust Host Hotels &Resorts.
Besides the Andaz, the two other hotels being sold are the Grand Hyatt San Francisco and the Hyatt Regency Coconut Point Resort and Spa in Florida.
The transaction is expected to be completed by the end of March.
Hyatt did not disclose a price for the Andaz, though it said the combined price for the Andaz and the San Francisco hotel is $800 million.
The Andaz was created by Hyatt and Starwood Capital Group through a $90 million remodeling of the former Renaissance Wailea after Starwood bought the hotel in 2003 for $86 million. Starwood, which closed the hotel in 2007, had pursued its own plans to turn the property into an "ultra luxury" condominium-hotel associated with French crystal manufacturer Baccarat. An earlier idea had called for operating the property under the St. Regis or W hotel brands. But those plans were shelved for reasons that included the recession and global credit crisis.
In 2016, Hyatt bought Starwood's share in the Andaz for $136 million.
Hyatt said it will continue to manage the Andaz and the two other hotels it is selling under long-term management agreements.
Host owns about 90 hotels, mainly in the United States, including stakes in the Hyatt Regency Maui Resort &Spa, Fairmont Kea Lani on Maui and Hyatt Place Waikiki Beach.