Park Hotels & Resorts Inc.Com


TYSONS, Va., June 23, 2022 (GLOBE NEWSWIRE) — Park Hotels & Resorts Inc. (:PK) (“Park”) today announced the closing of 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% interest in the 1,190-room Hilton San Diego Bayfront joint venture in San Diego, California. The combined gross proceeds from the two transactions were $237 million, which includes Park’s $55 million prorated share of secured debt on the Hilton San Diego Bayfront. Excluding anticipated capital expenditures, the combined sale price represents a capitalization rate of 6.3% on 2019 net operating income, i.e. a multiple of 14.0x on 2019 EBITDA. general business purposes.

“I am pleased with the progress we have made towards our target of $200-300 million in asset sales in 2022. Year-to-date, we have sold interests in four hotels for combined gross proceeds of approximately $260 million at attractive prices, with an additional non-essential hotel currently under contract for $9.4 million. Our aggressive capital recycling program represents our continued commitment to reduce net debt and better position our portfolio for long-term sustainable growth,” commented Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements relating to Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including the expected dates when its hotels will reach the threshold. profitability or will achieve positive Adjusted EBITDA, the impact on the business and financial position of the Company and its hotel management companies, the measures taken in response to COVID-19, the impact of macroeconomic factors (in particular inflation, rising interest rates, a potential economic slowdown or recession and geopolitical conflicts), the effects of competition and the effects of future legislation or regulations, the expected completion of planned divestments, the declaration and payment of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by the use of forward-looking terminology such as the words “outlook”, “believe”, “expect”. , “potential”, “continues”, “may”, “will”, “should”, “could”, “seek”, “project”, “predict”, “intend”, “plan”, ” estimates”, “anticipates”, “hopes” or the negative version of these words or other comparable words. You should not rely on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the control of the Company and which could materially affect its results of operations, financial condition, cash flows, performance or achievements or future events. most important factors continues to be the negative effect of COVID-19, including measures taken to contain the pandemic or mitigate its effects, the emergence of virus variants and resurgences, on the Company’s financial condition, results of operations, cash flow and performance, its hotel management companies and hotel tenants, the global economy and financial markets. Investors are cautioned to interpret many of the risks identified in the Risk Factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as heightened due to the many ongoing adverse effects of COVID-19.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. You should not place undue reliance on forward-looking statements and Park urges investors to carefully consider the disclosures provided by Park regarding risks and uncertainties in Item 1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31. , 2021, as such factors may be updated from time to time in Park’s filings with the SEC, which are available on the SEC’s website at Except as required by law, Park undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Park Hotels & Resorts
Park is the second-largest publicly traded accommodation REIT with a diversified portfolio of market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 50 premium branded hotels and resorts with over 30,000 rooms primarily located in prime city centers and resorts. Visit for more information.

For more information contact:
Ian Weismann
Senior Vice President, Corporate Strategy
[email protected]

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