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Host Hotels under contract to acquire 3 hotels for $1B

Host Hotels & Resorts Inc. said it has agreed to acquire the Andaz Maui in Hawaii; Grand Hyatt San Francisco; and Hyatt Regency Coconut Point in Bonita Springs, Fla., for $1 billion from Hyatt Hotels Corp.

Hyatt will continue to manage the properties, which Host said have recently undergone significant capital investments and should need only minimal near-term capital expenditures. The deal is expected to close by the end of the first quarter. Host will fund the acquisitions through cash and drawing on the revolver portion of its credit facility.

Host also closed its sale of the Key Bridge Marriott in Arlington, Va., for $190 million on Jan. 9. The company is under contract to sell the W New York for $190 million, and that deal is expected to close in the second quarter.