Park Hotels & Resorts Closes Sale of Embassy Suites Washington DC Georgetown and Hilton São Paulo Morumbi for Gross Proceeds of $208 Million

Park Hotels & Resorts | February 20, 2020

TYSONS, Va.--February 20, 2020-- Park Hotels & Resorts Inc. (“Park”) (NYSE:PK) today announced that it has closed on the two separate sales of the 197-room Embassy Suites by Hilton Washington DC Georgetown (the “Embassy Suites DC”) and the 503-room Hilton São Paulo Morumbi (the “Hilton São Paulo”) for combined gross proceeds of approximately $208 million before customary closing costs and adjustments. The Embassy Suites DC, located in Washington, D.C., was sold for gross proceeds of $90.4 million, or $459,000 per key before customary closing costs and adjustments. When adjusted for Park’s anticipated capital expenditure...