Hyatt Hotels (H) has shared an announcement.
Hyatt Hotels Corporation sold the Hyatt Regency Orlando and adjacent land for $1.07 billion to RIDA Development Corporation and an Ares Management Real Estate fund, maintaining a management deal and planning a new Grand Hyatt hotel. The sale exceeds Hyatt’s $2 billion asset-disposition target, reaching $2.6 billion in proceeds. The 2024 financial outlook remains stable despite a $35 million reduction in Adjusted EBITDA due to the sale, with a notable increase in capital returns to shareholders by $400 million. Hyatt anticipates a shift towards 80% asset-light earnings by 2025.
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