Park Hotels & Resorts Inc. Sells the Hilton Rotterdam, Netherlands, for Approximately $62 Million, or $245,000 per Key

Park Hotels & Resorts | February 1, 2018

MCLEAN, Va.--February 1, 2018--Park Hotels & Resorts Inc. ("Park") (NYSE:PK) today announced that it closed on the sale of the 254-room Hilton Rotterdam (the "Hotel") located in Rotterdam, Netherlands, for gross proceeds of approximately $62 million, equating to $245,000 per key. When adjusted for Park's anticipated capital expenditures ("capex") for the Hotel, the sale price represents a 4.8% capitalization rate on the Hotel's projected 2017 net operating income (5.5% excluding capex), or 17.8x the Hotel's projected 2017 EBITDA (15.4x excluding capex). The sale of the Hotel is consistent with Park's strategy of recycling capital ou...