{"id":1004297921,"date":"2019-02-11T04:52:14","date_gmt":"2019-02-11T12:52:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004297921"},"modified":"2019-02-11T04:52:14","modified_gmt":"2019-02-11T12:52:14","slug":"park-hotels-sells-phoenix-asset-for-51m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/park-hotels-sells-phoenix-asset-for-51m\/","title":{"rendered":"Park Hotels Sells Phoenix Asset for $51M"},"content":{"rendered":"<p>In its first publicly announced property trade of 2019, Park Hotels &amp; Resorts Inc. sold Pointe Hilton Squaw Peak Resort in Phoenix. The 563-key hotel commanded $51.4 million.<\/p>\n<p>The Squaw Peak transaction marks another move in Park\u2019s capital recycling program, a strategy designed to increase the lodging REIT\u2019s presence in target markets and decrease its exposure in slower growth areas.<\/p>\n<p>With lodging accommodations consisting solely of suites and casitas, Squaw Peak opened in 1977 and underwent its most recent renovation in 2017, courtesy of an $8.5 million capital investment. The resort sits on a 27-acre site near the Phoenix Mountain Preserve and offers such amenities as the four-acre River Ranch Water Park, a spa and fitness center, restaurants and indoor\/outdoor event space totaling 48,000 square feet.<\/p>\n<p>Squaw Peak\u2019s performance wasn\u2019t precisely a good fit for Park. The hotel\u2019s estimated RevPAR of $118 is roughly 30 percent below the REIT\u2019s portfolio average.<\/p>\n<h2>Market reception<\/h2>\n<p>Park\u2019s sale of Squaw Peak follows a flurry of strategic dispositions in 2018. The company closed the year with gross proceeds of more than $500 million from the sale of 13 properties, including the 601-key Hotel Berlin in Germany, which <a href=\"https:\/\/www.commercialsearch.com\/news\/hilton-berlin-changes-hands\/\">sold for approximately $350 million<\/a>.<\/p>\n<p>Park plans to sell additional assets in 2019. <em>\u201cIt&#8217;s trying to find the right buyer for the right situation. We want to make sure that we can maximize value for the shareholders,\u201d<\/em> Baltimore said during the company\u2019s third-quarter 2018 earnings call on Nov. 2. <em>\u201cThese are assets that don&#8217;t fit our long term, but we want to make sure, again, that we&#8217;re selling at the appropriate price.\u201d<\/em><\/p>\n<p><em>Images courtesy of&nbsp;Hilton<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The lodging REIT\u2019s disposition of the 563-key Pointe Hilton Squaw Peak Resort is part of its portfolio transformation strategy. <\/p>\n","protected":false},"author":969,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,21742,1601,15],"tags":[32805,36272],"class_list":["post-1004297921","post","type-post","status-publish","format-standard","hentry","category-deals","category-featured","category-hotel","category-latest","category-phoenix","category-west","tag-hilton","tag-park-hotels-and-resorts"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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