park hotels & resorts inc.
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 Reopens Caribe Hilton in San Juan Following $150 Million Restoration
Park Hotels & Resorts Inc. | May 16, 2019
TYSONS, Va. -- Park Hotels & Resorts Inc. ("Park") (NYSE:PK) announced that the Caribe Hilton ("the Resort") in San Juan, Puerto Rico reopened today following a $150-million restoration. The 652-room resort was impaired for 20 months after sustaining significant damage from Hurricane Maria in September 2017. "We are thrilled to re-introduce the iconic Caribe Hilton to guests and locals alike," said Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park Hotels & Resorts. "We have worked tirelessly to restore, reimagine and enhance the hotel, and we are confident that the finished product is worthy of the hotel's lege...
Park Hotels & Resorts to Acquire Chesapeake Lodging Trust for $2.7 Billion
Park Hotels & Resorts | May 6, 2019
TYSONS, Va.-- May 6 2019 --Park Hotels & Resorts Inc. ("Park", the "Company") (NYSE:PK) and Chesapeake Lodging Trust ("Chesapeake") (NYSE:CHSP) today announced that they have entered into a definitive merger agreement under which Park will acquire all the outstanding shares of Chesapeake in a cash and stock transaction valued at approximately $2.7 billion (inclusive of transaction costs). Upon completion of the merger, the combined company will have an estimated enterprise value of $12 billion, firmly solidifying Park's position as the second largest lodging REIT while also advancing the Company's strategic goals of portfolio enhancement ...
Park Hotels & Resorts Inc. Completes Sale of Pointe Hilton Squaw Peak Resort for $51.4 Million
Park Hotels & Resorts | February 11, 2019
TYSONS, Va.--Park Hotels & Resorts Inc. ("Park") (NYSE:PK) today announced that it has closed on the sale of the 563-room Pointe Hilton Squaw Peak Resort (the "Hotel") located in Phoenix, AZ, for gross proceeds of $51.4 million, or $91,200 per key before customary closing costs. When adjusted for Park's anticipated capital expenditures ("capex") of $28 million for the Hotel, the sale price represents a 5.2% capitalization rate on the Hotel's projected 2018 net operating income (8.0% excluding capex), or 13.9x the Hotel's projected 2018 EBITDA. Proceeds from the sale will be used for general business purposes, which may include fundi...
Park Hotels & Resorts Completes $9 Million Transformation of Hilton Short Hills in New Jersey
Hilton Short Hills | July 16, 2018
SHORT HILLS, NJ - Hilton Short Hills, a AAA Four Diamond-rated property part of Hilton Hotels and Resort's fast-growing global portfolio of upscale, full-service hotels, just placed the finishing touches on a $9 million hotel transformation project. The renovation includes a modern restoration to create a hometown-luxury experience of 314 guestrooms and suites, exclusive Executive Lounge and 16,000 sq. ft. of meeting space. The transformation includes a rooftop expansion, with the addition of The Balcony, an all-new open-air rooftop for weddings and private events with strung garden lights surrounded by serene woodlands. Additionally, l...
