The Maui News
Andaz Maui at Wailea is part of a Hyatt Hotels Corp. $1 billion sale of three hotel properties to Host Hotels & Resorts, according to an announcement posted Thursday on Business Wire.
The transaction is expected to close near the end of March.
Under a long-term management agreement, Hyatt will continue to manage the 301-room Andaz, which opened in September 2013.
The two other hotels in the deal are the 668-room Grand Hyatt San Francisco and the 454-room Hyatt Regency Coconut Point Resort and Spa in Bonita Springs, Fla.
“This agreement demonstrates the value of our owned and leased hotels and strengthens our long-standing and valued business relationship with Host,” said Mark Hoplamazian, president and chief executive officer of Hyatt Hotels Corp. “The completion of this transaction not only allows Hyatt to maintain our brand presence in these key markets with great brand representation, but also supports the execution of our recently announced initiative to reduce real-estate ownership as part of our broader capital strategy to unlock shareholder value.”
Andaz Maui and the Grand Hyatt San Francisco have a combined attributed value of about $800 million, the announcement said, while the Hyatt Regency Coconut Point was valued at about $200 million.
The 15-acre oceanside Maui resort features an arrival bridge to an open-air, living room lobby in a hotel designed as an upscale Hawaiian beach house.
It is the state’s first resort to be certified under the U.S. Green Building Council’s Leadership in Energy and Environmental Design.
Guest dining options include the Ka’ana Kitchen, Morimoto Maui, Bumbye Beach Bar, the Lehua Lounge and Mokapu Market.
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