Park Hotels & Resorts Completes Sales of the Homewood Suites Seattle Convention Center and Its 25% Joint Venture Interest in Hilton San Diego Bay

Park Hotels & Resorts | July 25, 2022

TYSONS, Va., June 25, 2022 -- Park Hotels & Resorts Inc. (NYSE: PK) (“Park”) today announced that it has closed on the sale of the 195-room Homewood Suites by Hilton Seattle Convention Center Pike Street in Seattle, WA and completed the previously-announced sale of its 25% joint venture interest in the 1,190-room Hilton San Diego Bayfront in San Diego, CA. Combined gross proceeds for the two transactions totaled $237 million, which includes Park’s $55 million pro-rata share of secured debt on the Hilton San Diego Bayfront. Excluding anticipated capital expenditures, the combined sale price represents a 6.3% capitalization rate on 20...