Park Hotels & Resorts Inc. Completes Sale of Pointe Hilton Squaw Peak Resort for $51.4 Million

Park Hotels & Resorts | February 11, 2019

TYSONS, Va.--Park Hotels & Resorts Inc. ("Park") (NYSE:PK) today announced that it has closed on the sale of the 563-room Pointe Hilton Squaw Peak Resort (the "Hotel") located in Phoenix, AZ, for gross proceeds of $51.4 million, or $91,200 per key before customary closing costs. When adjusted for Park's anticipated capital expenditures ("capex") of $28 million for the Hotel, the sale price represents a 5.2% capitalization rate on the Hotel's projected 2018 net operating income (8.0% excluding capex), or 13.9x the Hotel's projected 2018 EBITDA. Proceeds from the sale will be used for general business purposes, which may include fundi...