park
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...
Park Hotels & Resorts Inc. Closes Sale of the Conrad Dublin
Park Hotels & Resorts | November 14, 2019
TYSONS, Va.-- November 14, 2019 --Park Hotels & Resorts Inc. (“Park”) (NYSE:PK) today announced that it and its joint venture partners have closed on the sale of their interests in the company that owns the 192-room Conrad Dublin (the “Hotel”) located in Dublin, Ireland, for gross proceeds of €116.4 million, before customary closing adjustments and debt repayment. The gross proceeds equate to approximately $128 million, or $667,000 per key. Park’s pro rata share of gross proceeds was approximately $61 million. The sale price represents a 3.9% capitalization rate on the Hotel’s projected 2019 net operating income, or 22.1x th...
Park Hotels & Resorts Inc. Names Carl A. Mayfield Executive Vice President—Design & Construction
Park Hotels & Resorts | September 18, 2018
TYSONS, Va.—September 18, 2018--Park Hotels & Resorts Inc. ("Park") (NYSE:PK) announced today that Carl A. Mayfield has joined the company as Executive Vice President—Design & Construction effective September 17, 2018. Mr. Mayfield will report directly to Thomas J. Baltimore, Jr., Park's Chairman, President and Chief Executive Officer. "We are thrilled to welcome Carl to the Park team," commented Mr. Baltimore. "Carl is a widely respected design and construction executive and an exceptional leader with over 30 years of experience across multiple industries." Mr. Mayfield joins Park following 14 years as the Senior Vi...
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...
Hilton Completes Spin-off of Park Hotels & Resorts and Hilton Grand Vacations
Hilton | January 4, 2017
MCLEAN, Va. and ORLANDO, Fla. - Hilton Worldwide Holdings Inc. (NYSE: HLT) ("Hilton") today announced the completion of the spin-offs of Park Hotels & Resorts Inc. ("Park") and Hilton Grand Vacations Inc. ("HGV"), resulting in three independent, publicly traded companies. Park and HGV will begin "regular way" trading on the New York Stock Exchange (NYSE) today, January 4, 2017, under the ticker symbols "PK" and "HGV," respectively. Hilton also effected a previously-announced 1-for-3 reverse stock split, and will continue to trade on the NYSE under the ticker symbol "HL...
