Park Hotels & Resorts Inc. Completes Sale of the Hilton Nuremberg for $17.5 Million

Park Hotels & Resorts | March 28, 2019

TYSONS, Va.--March 28, 2019 --Park Hotels & Resorts Inc. ("Park") (NYSE:PK) today announced that it has closed on the sale of the 152-room Hilton Nuremberg hotel (the "Hotel") located in Nuremberg, Germany for gross proceeds of $17.5 million, or $115,000 per key. When adjusted for Park's anticipated capital expenditures ("capex") of $10.1 million for the Hotel, the sale price represents a 3.5% capitalization rate on the Hotel's 2018 net operating income (5.6% excluding capex), or 21.2x (13.4x excluding capex) the Hotel's 2018 EBITDA. Proceeds from the sale will be used for general business purposes, which may include funding future ...