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Park Hotels Offloads Hotels in D.C., Brazil
In two separate deals, Park Hotels & Resorts Inc. sold the 197-key Embassy Suites by Hilton Washington DC Georgetown, and the 503-key Hilton São Paulo Morumbi for combined gross proceeds of approximately $208 million. The São Paulo sale represents Tysons, VA-based Park Hotels’ exit from international markets.
The Embassy Suites DC sold for gross proceeds of $90.4 million, or $459,000 per key before customary closing costs and adjustments. The adjusted sale price represents a 5.9% capitalization rate on the hotel’s 2019 NOI.
The Hilton São Paulo sale represented gross proceeds of $117.5 million, or $234,000 per key.
“We are excited to announce the sale of two non-core assets that advance our strategic objectives at very attractive pricing,” said Thomas J. Baltimore, Jr., Park Hotels’ CEO. “We have now sold or disposed of 24 assets for over $1.2 billion since our spin-off from Hilton, including 14 international assets.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
