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Hyatt Hotels to repurchase up to $750M of additional common shares

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Hyatt Hotels to repurchase up to $750M of additional common shares

Hyatt Hotels Corp. may buy back up to $750 million of additional common shares under a new authorization from the company's board.

The new authorization brings the company's share buyback program to about $864 million. The company said it has repurchased more than $700 million of common stock year-to-date through Nov. 15.

In November, the company's 550-room Hyatt Regency Monterey Hotel and Spa in Monterey, Calif., changed hands for about $60 million, allowing the company to recognize about $17 million in pretax gain.

Additionally, Hyatt said the sale of Avendra LLC to Aramark Corp.. brought in net cash proceeds of roughly $217 million for the company. As a result, the company recognized about $20 million in equity earnings from unconsolidated hospitality ventures.