Bethesda-based Host Hotels & Resorts (NYSE: HST), Inc announced that it has acquired the fee-simple interest of a large Hyatt branded resort.
One of the world's largest real estate investment trusts or REIT paid $138.5 million for the 426-room Hyatt Place Waikiki Beach in Honolulu, Hawaii.
Involved in the transaction were affiliates of Chartres Lodging Group, LLC and Morgan Stanley Real Estate Fund VII Global.
$45 million was spent to renovate and convert the hotel to a Hyatt in 2012 and is managed by Kokua Hospitality.
Host Hotels & Resorts (NYSE: HST) was unchanged in premarket trading. The company has an approximate market value of $13.25 billion.