Host Hotels (HST) acquires Hyatt Regency in Austin.

Host Hotels & Resorts (HST) announced today that it has acquired the 448-room Hyatt Regency in Austin, TX for approximately $161 million in cash.  The purchase was said to have taken place prior to a planned foreclosure auction "at a very attractive yield based on 2019 performance."

The Hyatt Regency Austin is located on a six-acre parcel along Lady Bird Lake and is said to "command scenic views with easy access to leisure attractions including the South Congress entertainment area, Zilker Park, and the Colorado River."  HST said the property was purchased at an 8.8x multiple on 2019 actual results, and underwent a rooms renovation in 2015 and meeting space expansion in 2018.

Host Hotels & Resorts is a large cap lodging REIT focusing on upscale and luxury hotel properties in the U.S. and gateway international markets. The portfolio currently includes 81 properties with 46,800 rooms, and joint venture interests in another 10 locations.  HST is a member of the S&P 500 with a total market capitalization of approximately $16 billion.