Park Hotels & Resorts Inc. Announces Sale of Hilton Miami Airport

Feb 02, 2023

TYSONS, Va., Feb. 02, 2023 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE:PK, Financial) today announced that it has closed on the sale of the 508-room Hilton Miami Airport located in Miami, FL for $118.25 million, or $233,000 per key. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 6.2% capitalization rate on 2019 net operating income (7.9% excluding capex), or 14.0x 2019 EBITDA (11.1x excluding capex). Proceeds from the sale will be used to pay off the outstanding $50 million revolver balance and for general corporate purposes.

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