Hyatt Hotels Corp. sold the 1,260-room Hyatt Regency Atlanta to an unnamed buyer for $355 million. As part of the sale, the new owner plans to invest “significant capital” into the hotel of the next several years.
The Hyatt Regency Atlanta features 180,000 square feet of meeting rooms and other event space, four dining outlets, a 5,000-square-foot fitness center and a seasonal outdoor pool. Hyatt entered a long-term management agreement to operate the hotel upon its sale.
Hyatt expects a net reduction in consolidated adjusted earnings before interest, taxes, depreciation and amortization of approximately $8 million over the rest of the year, according to the SEC filing disclosing the sale. Due to cash dividends on its common stocks and share repurchases, the company also increased its expected return of capital to shareholders for the 2019 fiscal year to approximately $500 million from its previous expectation of approximately $300 million.
As of June 30, Hyatt’s portfolio comprised more than 872 properties with 213,037 rooms.