Hyatt sells Hyatt Regency Orlando for $1.07B, exceeds $2B asset-disposition commitment; updates 2024 outlook

Hyatt Hotels Corp

Sale of 1,641-room Hyatt Regency Orlando for $1.07B to RIDA Development and Ares Management.
Hyatt retained $265M preferred equity and provided $50M seller financing; retains management agreement.
Exceeds $2B commitment; realized $2.6B gross proceeds at 13.3x multiple over three years.
Development agreement for new ~2,500-room Grand Hyatt on adjacent land; expects 80% asset-light mix in 2025.
2024 outlook: Adj. EBITDA $1.1-$1.14B (down $35M on sale); capital returns raised $400M to ~$1.25B.

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