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Park Hotels Divests Fisherman’s Wharf Property for $80M
Park Hotels & Resorts has closed on the $80-million sale of the 316-key Hyatt Centric Fisherman’s Wharf, one of two San Francisco lodging properties in its portfolio. Although the REIT did not identify the buyer, the San Francisco Business Times identified it as New York-based EOS Investors LLC, which also owns another hotel along Fisherman’s Wharf.
For Tysons, VA-based Park Hotels, the sale at $253,000 per key represents 64.0x 2024 EBITDA of the hotel. The company is on track to dispose of $300 million to $400 million of non-core assets this year, chairman and CEO Thomas J. Baltimore, Jr. said in a statement.
As with its 2023 purchase of the Hotel Zoe Fisherman’s Wharf from Pebblebrook Hotel Trust, EOS acquired the Hyatt Centric at a discount, the Business Times reported. Chesapeake Lodging Trust paid $103.5 million in 2013 for the Hyatt property, prior to Chesapeake’s acquisition by Park.
- ◦Sale/Acquisition
