Host Hotels & Resorts Sells Two Four Seasons Resorts for $1.1 Billion

Host Hotels & Resorts announced the sale of the 444-room Four Seasons Resort Orlando at Walt Disney World Resort and the 125-room Four Seasons Resort and Residences Jackson Hole for $1.1 billion.

Host Hotels & Resorts, Inc. has sold the Four Seasons Resort Orlando at Walt Disney World Resort in Orlando, Florida, and the Four Seasons Resort and Residences Jackson Hole in Teton Village, Wyoming, for a combined $1.1 billion. The company acquired the Orlando property in 2021 and the Jackson Hole property in 2022 for a total of $925 million, with no significant capital expenditures required during its ownership.

The sale price represents a 14.9x multiple of trailing twelve-month EBITDA, including approximately $88 million in estimated foregone capital expenditures over the next five years. The combined investment delivered an 11.0% unlevered internal rate of return (IRR) over the ownership period. The IRR calculation includes $58 million of capital expenditures funded within the furniture, fixture, and equipment (FF&E) reserve and transaction costs, which reduced the IRR by about 170 basis points. Proceeds from the sale are net of $23 million for the buyer’s acquisition of the FF&E reserves. The transaction does not include the ongoing condominium development at the Four Seasons Resort Orlando at Walt Disney World Resort.

In January 2026, Host Hotels & Resorts closed on the previously announced sale of the 232-room St. Regis Houston for $51 million. The sale price for the St. Regis Houston represents a 25.0x EBITDA multiple on trailing twelve-month EBITDA, including approximately $49 million of estimated foregone capital expenditures over the next five years.

Between 2018 and 2026, Host Hotels & Resorts has disposed of approximately $6.4 billion in hotels at a blended 16.7x EBITDA multiple, including estimated foregone capital expenditures of $1.2 billion. During the same period, the company completed $4.9 billion of acquisitions at a blended 13.6x EBITDA multiple.

EBITDA multiples for acquisitions are calculated as the ratio between the purchase price and forecast operations (hotel EBITDA) in the year of acquisition. Disposition EBITDA multiples are calculated as the ratio between the sales price, plus estimated avoided capital expenditures over the five years following the disposition dates, and trailing twelve-month EBITDA from the disposition date. The reported IRR for the sale of the Orlando and Jackson Hole properties is based on cash provided by operations, proceeds from asset sales, acquisition costs, transaction costs, and capital expenditures over the ownership period.