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Hyatt Hotels sells Atlanta hotel for $355M

Hyatt Hotels Corp. sold Hyatt Regency Atlanta to an unrelated third party for about $355 million.

The hotelier also entered into a long-term management agreement with the buyer, who plans to invest significant capital into Hyatt Regency Atlanta over the next several years.

Hyatt anticipates a net reduction of about $8 million in consolidated adjusted EBITDA over the remainder of the year. It will also boost its expected return of capital to shareholders for the current fiscal year to approximately $500 million from the previously expected return of about $300 million, through a combination of cash dividends on its common stock and share repurchases.