RTTNews | Mar 17, 2021 08:52AM EDT

08:52 Wednesday, March 17, 2021 (RTTNews.com) - Host Hotels & Resorts Inc. (HST) said that it has acquired the fee simple interest in the 448-room Hyatt Regency Austin in Austin, Texas for about $161 million in cash.

Hyatt noted that it will continue to manage Hyatt Regency Austin under a long-term management agreement.

As travel resumes, the company expects the well-located Hyatt Regency Austin to benefit from a strong rebound led by Austin's multiple leisure and business demand drivers that are anchored in world-renowned music festivals, sporting events and blue-chip corporations.

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