Business
Park Hotels & Resorts Inc. Announces Sale of Hyatt Centric Fisherman’s Wharf
TYSONS, Va., May 22, 2025--Park Hotels & Resorts Inc. (NYSE: PK) ("Park") today announced that it has closed on the sale of the 316-room Hyatt Centric Fisherman’s Wharf located in San Francisco, CA for $80 million, or $253,000 per key. The sale price represents 64.0x 2024 EBITDA of the hotel. Proceeds from the sale will be used for ongoing return on investment ("ROI") projects in Park’s portfolio and for other general corporate purposes.
About this update from Park Hotels & Resorts Inc.
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":480,"height":218,"url":"https://media.zenfs.com/en/business-wire.com/4219ee1a1445381354a0b3914f1fbc08"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/jG_aw0T9k3cP3Gzw4nPzAg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQzNjtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/4219ee1a1445381354a0b3914f1fbc08","width":480,"height":218}},"lazy":false},{"type":"text","content":"TYSONS, Va., May 22, 2025--(BUSINESS WIRE)--Park Hotels & Resorts Inc. (NYSE: PK) ("Park") today announced that it has closed on the sale of the 316-room Hyatt Centric Fisherman’s Wharf located in San Francisco, CA for $80 million, or $253,000 per key. The sale price represents 64.0x 2024 EBITDA of the hotel. Proceeds from the sale will be used for ongoing return on investment ("ROI") projects in Park’s portfolio and for other general corporate purposes.","length":482,"tagName":"p"},{"type":"text","content":""Despite a challenging transaction market, I am very pleased with the progress we’ve made toward achieving our strategic objective of disposing $300 million to $400 million of non-core hotel assets in 2025. This initiative reflects our continued commitment to improving the overall quality of our iconic portfolio as we continue to aggressively reinvest back into our robust ROI pipeline, while simultaneously enhancing our liquidity position and financial flexibility," commented Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park. "Since 2017, Park has sold or disposed of 46 hotels for over $3 billion, meaningfully reshaping our portfolio and strengthening our long-term growth. We remain laser focused on allocating capital to unlock the embedded value in our portfolio and maximize shareholder returns."","length":849,"tagName":"p"},{"type":"text","content":"Forward-Looking Statements","length":26,"tagName":"p"},{"type":"text","content":"This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to the effects of Park's decision to cease payments on it...