Hyatt in talks to sell properties
Hyatt Hotels Corp is in talks to sell some properties as it weighs purchases in the most attractive markets for expanding its brands, chief executive officer Mark Hoplamazian said.
“We’re active in discussions on a couple different situations on the disposition side and likewise, we’re continuing to see really interesting opportunities on the acquisition side,” Hoplamazian said on Hyatt’s second-quarter earnings conference call. “Our ability to trade through the cycle and be able to recycle is alive and well.”
Hyatt in June sold the luxury Andaz 5th Avenue in Manhattan to Japan’s Takenaka Corp for US$250 million, Bloomberg reported.
“I don’t think any other hotel company uses their balance sheet nearly as much to spread their brand,” said David Loeb, a senior analyst at Robert W. Baird & Co. “Hyatt has great name recognition globally, but a much, much smaller footprint than the other major global brands. They punch above their weight.”