Is Host selling 2 Four Seasons?

BETHESDA, Maryland – Host Hotels & Resort is close to selling the 444-room Four Seasons Orlando and the 125-room Four Seasons Resort and Residences Jackson Hole to BDT & MSD Partners for more than $1 billion, according to Bloomberg.

R.W. Baird’s Michael Bellisario wrote that the Orlando property appears to have a $750 million price tag and assumes Jackson Hole could trade near Host's basis – a combined $1.07 billion plus/minus. Bellisario said that based on 2024A metrics, that pricing would represent >16x Hotel EBITDA and a low-5% NOI cap rate. “We assume 2025E performance was ahead of 2024's levels and that the cap rate could be closer to 6%,” he added.

Host acquired the Four Seasons in May 2021 for $610 million. The property is the only fee simple luxury resort within Walt Disney World Resort not owned by Disney. Bellisario said the 40-unit condo development currently under construction does not appear to be part of the sale with Host having spent ~$160 million to-date on inventory costs.

Bellisario offered some ideas about what Host would do with the sale proceeds.

“Previously, management had noted (1) that it would remain an opportunistic seller and (2) that acquisitions were unlikely to occur over the near-term,” he said. “On last quarter's conference call, Host noted that repurchases did not offer attractive enough returns relative to investing in its assets; HST shares traded between ~$15-$18 during 3Q25. We see the potential for a combination of buybacks and a special dividend.”