park hotels
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...
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 Le Meridien New Orleans for $84 Million ($205 per key)...
Park Hotels & Resorts | January 2, 2020
TYSONS, Va.--Park Hotels & Resorts Inc. (“Park”) (NYSE:PK) today announced that it has closed on the sale of the 410-room Le Meridien New Orleans (the “Hotel”) located in New Orleans, LA, for gross proceeds of $84.0 million, or $205,000 per key before customary closing costs. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 5.0% capitalization rate on the Hotel’s projected 2019 net operating income, or 17.1x the Hotel’s projected 2019 EBITDA. Proceeds from the sale of the Hotel will be used to repay a portion of Park’s unsecured indebtedness. Including the sales of the...
