Host Hotels and Resorts is to acquire the Manchester Grand Hyatt San Diego Hotel in California, US, for $570m.
The controlling interest in the hotel is held by Manchester Grand Resorts, led by local developer Douglas Manchester.
The hotel, which is located adjacent to the San Diego Convention Centre, features 1,625 guestrooms, 38,100m² of function space, a spa, two tennis courts, a gym and an outdoor pool.
US-based Host Hotels intends to pay off $400m of debt on the property and the deal is expected to be closed in March 2011.
Last year, Host Hotels announced deals to acquire the 775-room New York Helmsley Hotel for $313m, seven hotels in New Zealand for $145m and London’s Le Meriden Piccadilly Hotel for $97m.