- Host Hotels & Resorts ( NASDAQ: HST ) said Wednesday it acquired fee simple interest in the Four Seasons Resort and Residences Jackson Hole, a luxury resort in Wyoming for ~$315M in cash.
- The deal price represents a 13.6x EBITDA multiple or a cap rate of ~6.6% on the resort's 2022 estimated results.
- The resort is expected to be one of Host Hotels' ( HST ) top three assets based on estimated full year 2022 results, with RevPAR of $855 and EBITDA per key of $185K.
- Host Hotels ( HST ) believes the resort's 2022 performance is muted due to guest room renovation during H1 and Jackson Hole Airport being closed for approx. three months.
- The company expects the resort to stabilize at ~11-13x EBITDA within 2026-2028.
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Host Hotels acquires Four Seasons Resort and Residences Jackson Hole for $315M