Host Hotels & Resorts has sold the 444-room Four Seasons Resort Orlando at Walt Disney World Resort in Orlando and the 125-room Four Seasons Resort and Residences Jackson Hole in Teton Village, Wy., for a sale price of $1.1 billion. The company purchased the hotels in 2021 and 2022, respectively, for a total of $925 million with no significant capital expenditures required over its ownership period.
The sale price represents a 14.9x EBITDA multiple on trailing twelve-month EBITDA. The EBITDA multiple includes approximately $88 million of estimated foregone capital expenditures over the next five years. The combined investment represents an 11.0 percent unlevered internal rate of return over the company’s ownership period. The IRR includes $58 million of capital expenditures, which was funded within the FF&E reserve, as well as transaction costs. These items negatively impacted the IRR calculation by approximately 170 basis points.
“The sale of these two iconic properties represents another important step in advancing our capital allocation strategy," President and CEO James Risoleo said in a statement. "The $1.1 billion sale price for these resorts represents an 11.0 percent unlevered IRR over our ownership period and an EBITDA multiple that is significantly higher than our company’s recent trading multiple. We are pleased with our ability to monetize two recently acquired hotels at an attractive profit and an accretive multiple, and we will continue to use our competitive advantages to create value for our shareholders.”
“The proceeds will further solidify Host’s fortress balance sheet, which will continue to be an important competitive advantage for the company. Our significant financial flexibility provides optionality to pursue the highest return opportunities and simultaneously return capital to shareholders through dividends and share repurchases, reinvest in our geographically diverse portfolio, and take advantage of dispositions while prudently pursuing accretive acquisitions. We will continue to be opportunistic in our capital allocation strategy while positioning Host to outperform over the long term.”
The sale excludes the ongoing condo development at the Four Seasons Resort Orlando at Walt Disney World Resort.
In January 2026, the company also closed on the previously announced disposition of the 232-room St. Regis Houston for $51 million. The sale price represents a 25.0x EBITDA multiple on trailing twelve-month EBITDA. The EBITDA multiple includes approximately $49 million of estimated foregone capital expenditures over the next five years.
Since 2018, the company has disposed of approximately $6.4 billion of hotels at a blended 16.7x EBITDA multiple. The EBITDA multiple includes estimated foregone capital expenditures of $1.2 billion dollars. This compares favorably to the company’s $4.9 billion of acquisitions over the same period at a blended 13.6x EBITDA multiple.