Park Hotels & Resorts Inc. Completes the Sales of the Homewood Suites by Hilton Seattle Convention Center and Its 25% Joint Venture Interest in the Hilton San Diego Bayfront

Jun 23, 2022

TYSONS, Va., June 23, 2022 (GLOBE NEWSWIRE) -- 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 2019 net operating income, or 14.0x multiple on 2019 EBITDA. Proceeds from the sales will be used for general corporate purposes.

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