{"id":1004393540,"date":"2020-02-24T04:46:38","date_gmt":"2020-02-24T12:46:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004393540"},"modified":"2020-02-24T04:48:18","modified_gmt":"2020-02-24T12:48:18","slug":"dc-sao-paulo-hospitality-assets-trade-for-208m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dc-sao-paulo-hospitality-assets-trade-for-208m\/","title":{"rendered":"DC, Sao Paulo Hospitality Assets Trade for $208M"},"content":{"rendered":"
\"\"<\/a>

Embassy Suites by Hilton Washington DC Georgetown. Image via Google Street View<\/i><\/p><\/div>\n

Park Hotels & Resorts has finalized the disposition of two of its assets for a gross sale price of $207.9 million. The company sold the 197-key Embassy Suites by Hilton Washington DC Georgetown and the 503-key Hilton Sao Paulo Morumbi. <\/p>\n

The Embassy Suites DC is located at 1250 22nd St. NW in Georgetown. The property sold for $90.4 million, or nearly $459,000 per key. EOS Investors bought the hotel and financed the acquisition with a $62.9 million loan from Citibank, public records show. When adjusted for the seller\u2019s projected capital expenditures, the sale price constitutes a 5.9 percent cap rate on the asset\u2019s 2019 net operating income. <\/p>\n

The Hilton Sao Paulo Morumbi is situated at 12901 United Nations Avenue in Sao Paulo. Park Hotels sold the asset for $117.5 million, or nearly $234,000 per key. A partnership between Hemisferio Sul Investimentos and GIC Realty acquired the asset, according to Valor Economico<\/em>. The joint venture financed the purchase with a five-year, $34.1 million mortgage from Itau BBA. The sale price represents a 5.8 percent cap rate on the property\u2019s net operating income from last year. <\/p>\n

The disposition of the Sao Paulo hotel represents the company\u2019s official exit from international markets, according to Thomas Baltimore Jr., chairman & CEO of Park Hotels. Since finalizing the acquisition of Chesapeake Lodging Trust<\/a>, the company has sold five non-core assets for a gross sale price of $470 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Park Hotels & Resorts sold the properties, totaling 700 guestrooms, to two separate buyers.<\/p>\n","protected":false},"author":867,"featured_media":1004393558,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,16,21783,11,21742,1615],"tags":[33457,32805,36272],"class_list":["post-1004393540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-international","category-investment","category-midatlantic","category-latest","category-washington-dc","tag-citibank","tag-hilton","tag-park-hotels-and-resorts"],"acf":[],"yoast_head":"\nDC, Sao Paulo Hospitality Assets Trade for $208M - 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\/dc-sao-paulo-hospitality-assets-trade-for-208m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DC, Sao Paulo Hospitality Assets Trade for $208M\" \/>\n<meta property=\"og:description\" content=\"Park Hotels & Resorts sold the properties, totaling 700 guestrooms, to two separate buyers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/dc-sao-paulo-hospitality-assets-trade-for-208m\/\" \/>\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=\"2020-02-24T12:46:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-24T12:48:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/EMBASS1.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=\"Pavel Cazacu\" \/>\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\\\/dc-sao-paulo-hospitality-assets-trade-for-208m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dc-sao-paulo-hospitality-assets-trade-for-208m\\\/\"},\"author\":{\"name\":\"Pavel Cazacu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/caac04e9f88552f7c898ba456c2498d8\"},\"headline\":\"DC, Sao Paulo Hospitality Assets Trade for $208M\",\"datePublished\":\"2020-02-24T12:46:38+00:00\",\"dateModified\":\"2020-02-24T12:48:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dc-sao-paulo-hospitality-assets-trade-for-208m\\\/\"},\"wordCount\":255,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dc-sao-paulo-hospitality-assets-trade-for-208m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/02\\\/EMBASS1.jpg\",\"keywords\":[\"Citibank\",\"Hilton\",\"Park Hotels and Resorts\"],\"articleSection\":[\"Deals\",\"Hotel\",\"International\",\"Investment\",\"Mid-Atlantic\",\"News\",\"Washington D.C.\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dc-sao-paulo-hospitality-assets-trade-for-208m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dc-sao-paulo-hospitality-assets-trade-for-208m\\\/\",\"name\":\"DC, Sao Paulo Hospitality Assets Trade for $208M - 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