park hotels & resorts
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...
Sunstone Hotel Investors to Acquire Remaining 25% Joint Venture Interest in Hilton San Diego Bayfront From Park Hotels & Resorts...
Sunstone Hotel Investors | June 1, 2022
IRVINE, Calif., June 1, 2022 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the lodging industry, announced that it has entered into a definitive agreement with an affiliate of Park Hotels & Resorts Inc. ("Park") to acquire Park's 25% interest in the joint venture that owns the leasehold interest in the 1,190-room Hilton San Diego Bayfront (the "Hotel"). As part of the transaction, Sunstone will pay Park $102 million in cash and will effectively assume Park's $55 million share of the existing mortgage loan on the Hotel, which is already fully consolida...
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...
Signia by Hilton Orlando Bonnet Creek Debuts as Signia by Hilton’s First Property...
Signia by Hilton | July 14, 2021
ORLANDO, FLA. – July 14, 2021 – Today, Hilton announced the conversion of Hilton Orlando Bonnet Creek to Signia by Hilton Orlando Bonnet Creek, marking Hilton’s first Signia by Hilton property. Owned by Park Hotels & Resorts, Signia by Hilton Orlando Bonnet Creek is part of the iconic Bonnet Creek Complex which also features Waldorf Astoria Orlando. The recently renovated upper-upscale hotel is the first to debut as part of the Signia by Hilton brand, which features a portfolio of premier hotels in highly sought-after urban and resort destinations offering sophisticated business and leisure travelers an elevated hotel experience...
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...
Park Hotels & Resorts Completes Sale of the Hotel Indigo San Diego Gaslamp Quarter and Courtyard Washington Capitol Hill Navy Yard...
Park Hotels & Resorts | July 1, 2021
TYSONS, Va., July 1, 2021 -- Park Hotels & Resorts Inc. (“Park”) (NYSE:PK) today announced that it has closed on the sale of the 210-room Hotel Indigo San Diego Gaslamp Quarter in San Diego, CA and the 204-room Courtyard Washington Capitol Hill Navy Yard in Washington, DC, for combined gross proceeds of $149 million, or approximately $360,000 per key. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 7.0% capitalization rate on 2019 net operating income (7.4% excluding capex), or 12.8x 2019 EBITDA (12.2x excluding capex). Proceeds from the sale will be used to fully repay debt curre...
Park Hotels & Resorts Completes Sale of W New Orleans – French Quarter for $24.1M ($249K per Key)...
Park Hotels & Resorts | April 26, 2021
TYSONS, Va. - April 26, 2021 - Park Hotels & Resorts Inc. today announced that it has closed on the sale of the 97-room W New Orleans – French Quarter (the “Hotel”) located in New Orleans, LA, for gross proceeds of approximately $24.1 million, or $249,000 per key. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 4.3% capitalization rate on the Hotel’s 2019 net operating income (5.8% excluding capex), or 17.9x the Hotel’s 2019 EBITDA (13.3x excluding capex). Proceeds from the sale will be used to repay debt. The sale of the Hotel marks the 25th non-core hotel that Park has...
Scott Hamilton Named General Manager of Hilton McLean Tysons Corner...
Hilton Hotels & Resorts | March 3, 2020
March 3, 2020 - MCLEAN, Va. - Hilton McLean Tysons Corner, owned by Park Hotels & Resorts and managed by Hilton Management Services, has appointed Scott Hamilton as general manager. Most recently, Hamilton served as resident manager at Hilton Hawaiian Village Waikiki Beach Resort. In his new role, Hamilton will be responsible for overseeing the day-to-day operations of the 458-room hotel, which includes more than 28,000 square feet of flexible meeting space. A 20-year hospitality veteran, Hamilton began his career in food and beverage. Over the years, he has held positions, including manager at Nobu Las Vegas, director of food and...
