Skift Take
Hyatt CEO Mark Hoplamazian to investors on earnings day: Trust us, the plan is working.
Hyatt CEO Mark Hoplamazian said Thursday that the hotel company was on track to dispose of a total of $1.5 billion in real estate by the end of 2020. So far, the company has sold off $1.14 billion, with approximately $350 million left to be sold.
Hoplamazian, speaking during an earnings call with analysts, also reaffirmed earlier news reports of the eventual tearing down of the Grand Hyatt New York and said that Hyatt intends to sell the property to the development group seeking to redevelop the site, and work with that developer on a new Hyatt hotel property.
Relatedly, when it comes to future mergers and acquisitions, Hoplamazian reiterated that Hyatt remains committed to purchasing brands that are light on real estate assets, which is why — if the company were to pursue more acquisitions — they would align with what Hyatt did in its pursuit of Two Roads, using money it received from selling off assets to buy more asset-light brands w
