Le Meridien San Francisco
Park Hotels & Resorts Completes Sale of Le Meridien San Francisco for $221.5M
Park Hotels & Resorts | September 7, 2021
TYSONS, VA - September 7, 2021 - Park Hotels & Resorts Inc. today announced that it completed the previously announced sale of the Le Meridien San Francisco. The Company also provided an operational and liquidity update. Recent Highlights Closed on the sale of the 360-room Le Meridien San Francisco on August 31, 2021, for total proceeds of $221.5 million, or approximately $615,000 per key. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 5.9% capitalization rate on 2019 net operating income (6.5% excluding capex), or 15.0x 2019 EBITDA (13.7x excluding capex). Procee...
Park Hotels & Resorts Executes Definitive Contracts to Sell Two San Francisco Hotels
Park Hotels & Resorts | July 13, 2021
TYSONS, VA - July 13, 2021 - Park Hotels & Resorts Inc. today announced that it has entered into two separate, definitive contracts to sell the 360-room Le Meridien San Francisco and the 171-room Hotel Adagio, Autograph Collection (San Francisco, CA) for total proceeds of $303.5 million, or an average sale price of approximately $572,000 per key. When adjusted for Park’s anticipated capital expenditures (“capex”), the blended sale price represents a 6.1% capitalization rate on 2019 net operating income (6.7% excluding capex), or 14.4x 2019 EBITDA (13.2x excluding capex). Management currently expects each of the transactions to close...
