Host Hotels & Resorts, Inc. completed the sale of its 444‑room Four Seasons Resort Orlando at Walt Disney World® Resort in Orlando, Florida, and its 125‑room Four Seasons Resort and Residences Jackson Hole in Teton Village, Wyoming, to BDT & MSD Partners for a combined $1.1 billion. The transaction, announced on February 18, 2026, does not include the ongoing condo development at the Orlando property.
The company originally acquired the Orlando resort in 2021 for $610 million and the Jackson Hole resort in 2022 for $315 million, totaling $925 million in purchase costs. The sale generated a trailing‑12‑month EBITDA multiple of 14.9× and an unlevered internal rate of return of 11.0 percent. After accounting for $58 million in capital expenditures and transaction costs, the IRR was reduced by roughly 170 basis points, while an additional $88 million of estimated foregone capital expenditures over the next five years is included in the EBITDA multiple calculation.
The asset sale announcement coincided with Host Hotels & Resorts’ Q4 2025 earnings release. Adjusted FFO per diluted share rose to $0.51, beating the consensus estimate of $0.47 by $0.04 (an 8.3 percent beat). Revenue reached $1.60 billion, surpassing the $1.54 billion estimate by $0.06 (a 3.9 percent beat). Compared with Q4 2024, Adjusted FFO per share increased from $0.45 and revenue grew from $1.43 billion. For the full year 2025, Adjusted FFO per share was $2.07 versus $2.00 in 2024.
Management highlighted the sale as a key element of its capital allocation strategy. James F. Risoleo said, “The sale of these two iconic properties represents another important step in advancing our capital allocation strategy.” He added, “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 company also raised its 2026 guidance, projecting comparable hotel Total RevPAR growth of 2.5 % to 4.0 % and a full‑year Adjusted FFO per share range of $2.03 to $2.11.
The transaction is part of Host Hotels & Resorts’ broader portfolio recycling program, which has seen the company dispose of approximately $6.4 billion of hotels since 2018. By divesting these high‑profile luxury assets, the company is tightening its portfolio to focus on irreplaceable properties that drive long‑term value. The $1.1 billion proceeds will strengthen the balance sheet, providing liquidity for future acquisitions, capital improvements, and shareholder returns through dividends and share repurchases.
The market reacted positively to the announcement, reflecting confidence in the company’s strategic focus and the attractive returns generated by the sale.
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