{"id":1004208768,"date":"2018-03-01T03:19:36","date_gmt":"2018-03-01T11:19:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004208768"},"modified":"2022-12-03T12:15:18","modified_gmt":"2022-12-03T20:15:18","slug":"park-hotels-resorts-sells-off-317m-in-non-core-assets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/park-hotels-resorts-sells-off-317m-in-non-core-assets\/","title":{"rendered":"Park Hotels & Resorts Sells Off $317M in Non-Core Assets"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

\"Hilton<\/a>

Hilton Milton Keynes<\/p><\/div>\n

Park Hotels & Resorts Inc. has closed on the sale of 11 non-core assets for total gross proceeds of $317 million. The company sold the properties in three separate transactions, which included a portfolio of three Embassy Suites hotels, a portfolio of seven hotels in the United Kingdom and one South African hotel.<\/p>\n

The buyers were not disclosed. Park Hotels did not reply to Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n

In a prepared statement, Thomas Baltimore Jr., the company\u2019s chairman & CEO, called this transaction part of \u201cexecuting our stated strategy of recycling capital out of non-core assets with significant expected capex, while dramatically reducing our exposure to international markets<\/em>.\u201d<\/p>\n

He added that since the start of the year, Park has now closed on 12 asset sales totaling nearly $379 million. (The prior sale was the early February sale of the 254-key Hilton Rotterdam, in the Netherlands, for about $62 million).<\/p>\n

These latest assets sold, Baltimore noted, have an average RevPAR 36 percent lower than the company\u2019s pro forma RevPAR on a trailing 12-month basis, in addition to which Park will save an estimated $132 million of anticipated capital expenditures over the next few years.<\/p>\n

The Embassy Suites portfolio sold for total gross proceeds of about $95.8 million and consisted of the 241-key Embassy Suites Atlanta Perimeter Center in Atlanta; the 236-key Embassy Suites San Rafael Marin County, Calif.; and the 199-key Embassy Suites Kansas City Overland Park in Overland Park, Kan.<\/p>\n

The U.K. portfolio sold for total gross proceeds of about $189 million and consisted of the 188-key Hilton London Islington, the 173-key Hilton Bath City, the 184-key Hilton Edinburgh Grosvenor, the 198-key Hilton Belfast, the 278-key Hilton Blackpool, the 138-key Hilton Milton Keynes and the 175-key Hilton Coylumbridge.<\/p>\n

The South African hotel is the 327-key Hilton Durban Hotel, which sold for gross proceeds of about $32.5 million.<\/p>\n

Newly minted and already reshaping itself\u00a0<\/h2>\n

Park Hotels & Resorts is the second-largest publicly traded lodging REIT. Its current portfolio consists of 55 properties totaling more than 32,000 guestrooms: 11 resorts, nine hotels in city centers, seven convention center hotels, 26 airport and other hotels, and five remaining international hotels.<\/p>\n

The company came into being barely a year ago, having been created as a spinoff by Hilton Worldwide Holdings Inc., which also spun off its timeshare business, Hilton Grand Vacations, at the same time.<\/p>\n

At the time, Hilton President & CEO Christopher Nassetta said, \u201cThe new Hilton is a fee-based, capital efficient and resilient business with tremendous growth potential around the world.\u201d<\/p>\n

Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The publicly traded lodging REIT\u2014a spinoff of Hilton Worldwide\u2014divested 11 properties, mostly overseas, significantly reducing its exposure in international markets. <\/p>\n","protected":false},"author":882,"featured_media":1004208801,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,16,21783,23891,21742],"tags":[33362,32805,36272,33363],"class_list":["post-1004208768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-international","category-investment","category-national","category-latest","tag-christopher-nassetta","tag-hilton","tag-park-hotels-and-resorts","tag-thomas-baltimore"],"acf":[],"yoast_head":"\nPark Hotels & Resorts Sells Off $317M in Non-Core Assets - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/park-hotels-resorts-sells-off-317m-in-non-core-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Park Hotels & Resorts Sells Off $317M in Non-Core Assets\" \/>\n<meta property=\"og:description\" content=\"The publicly traded lodging REIT\u2014a spinoff of Hilton Worldwide\u2014divested 11 properties, mostly overseas, significantly reducing its exposure in international markets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/park-hotels-resorts-sells-off-317m-in-non-core-assets\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-01T11:19:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-03T20:15:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Hilton-Milton-Keynes1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/park-hotels-resorts-sells-off-317m-in-non-core-assets\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/park-hotels-resorts-sells-off-317m-in-non-core-assets\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Park Hotels & Resorts Sells Off $317M in Non-Core Assets\",\"datePublished\":\"2018-03-01T11:19:36+00:00\",\"dateModified\":\"2022-12-03T20:15:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/park-hotels-resorts-sells-off-317m-in-non-core-assets\\\/\"},\"wordCount\":442,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/park-hotels-resorts-sells-off-317m-in-non-core-assets\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/03\\\/Hilton-Milton-Keynes1.jpg\",\"keywords\":[\"Christopher Nassetta\",\"Hilton\",\"Park Hotels and Resorts\",\"Thomas Baltimore\"],\"articleSection\":[\"Deals\",\"Featured\",\"Hotel\",\"International\",\"Investment\",\"National\",\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/park-hotels-resorts-sells-off-317m-in-non-core-assets\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/park-hotels-resorts-sells-off-317m-in-non-core-assets\\\/\",\"name\":\"Park Hotels & Resorts Sells Off $317M in Non-Core Assets - 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