Real estate investment trust Host Hotels & Resorts has acquired the 125-room Four Seasons Resort & Residences in Jackson Hole, Wyoming, according to a news release.
The 125-room resort sold for $315 million and Host funded the purchase completely with cash.
The resort also has 44 private residences.
In its release, Host executives stated the “resort is expected to be one of [our] top three assets based on estimated full-year 2022 results, with [revenue per available room] of $855, [total revenue per available room of $1,430 and [earnings before interest, taxes, depreciation and amortization] per key of $185,000, further improving the quality of the company’s portfolio.”
The acquisition price represents a 13.6-times EBITDA multiple or a cap rate of approximately 6.6% on the resort’s 2022 estimated results.
The news also has been reported in Host’s third-quarter 2022 earnings report, where it reported an average RevPAR of $192.06 across its owned portfolio.
The property opened in 2003 and finished a renovation earlier this year, with Host adding a $65 million renovation to Jackson Hole Airport further enhances the value of the resort.
The resort "is an iconic, irreplaceable asset in a new market for Host and one of only a handful of luxury ski resorts in the country," said James Risoleo, president and CEO of Host. "From 2014 through 2019, [it] had a RevPAR [compound annual growth rate] of 5.8%, significantly outperforming the broader ultra-luxury set, which had a RevPAR CAGR of 4.3% over the same time period.”
The Four Seasons Resort Jackson Hole last transacted in 2016 as part of a $5.5 billion, 15-hotel portfolio sale between Blackstone, the seller, and China-based Anbang Insurance Group, the buyer. The property had been owned by Chicago-based Strategic Hotels & Resorts before then. The Chinese government dissolved Anbang in 2020 as part of its crackdown on investing outside of the country, and formed Dajia Insurance Group to administer the former Anbang's assets.
Earlier this week, Braemar Hotels & Resorts reported it would pay $267.8 million, or roughly $1.3 million per key, for the Four Seasons Resort Scottsdale at Troon North — another piece of the original portfolio of hotels owned by Strategic Hotels & Resorts.
These recent luxury transactions, along with the sale in May of the Trump International Hotel in Washington, D.C., to CGI Merchant Group for $375 million, or $1.425 million per key, represent some of this year's highest-price-tag deals.