Hyatt says 'making progress' on $1.5B asset disposition
Says entered the new year with "positive momentum". Says opportunity to continue to grow hotel portfolio remains robust. Says development momentum continues to be a strength. Expects fee-based earnings to accelerate over time. Says focused on maximizing core business, integrating new growth platforms and optimizing capital deployment to deliver value. Says continuing to evaluate opportunities to extend Hyatt brand experiences. Says making progress on selling $1.5B of real estate by the end of 2020. Says confident can execute the program in three-year period. Anticipates most significant disposition activity will occur in 2018, though timing remains uncertain. Says initial tranche includes Andaz Maui at Wailea, Grand Hyatt San Francisco. Expects to finalize definitive agreements in near future. Intends to use proceeds to support a combination of growth investments in business and return of capital to shareholders. Comments taken from Q4 earnings conference call.