Park Hotels & Resorts Inc. Announces Sale of Hilton Miami Airport
Park Hotels & Resorts Inc. (PK)
Last park hotels & resorts inc. earnings: 2/26 04:15 pm
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pkhotelsandresorts.com
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Source: GlobeNewswire
TYSONS, Va., Feb. 02, 2023 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE:PK) today announced that it has closed on the sale of the 508-room Hilton Miami Airport located in Miami, FL for $118.25 million, or $233,000 per key. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 6.2% capitalization rate on 2019 net operating income (7.9% excluding capex), or 14.0x 2019 EBITDA (11.1x excluding capex). Proceeds from the sale will be used to pay off the outstanding $50 million revolver balance and for general corporate purposes. “I am incredibly pleased with our ongoing efforts to recycle capital out of non-core hotels and improve the overall quality of our portfolio and balance sheet,” commented Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park. “Over the last twelve months, Park has sold eight hotels for over $435 million, with proceeds used to pay down debt and buy back common stock at a
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News
- Park Hotels & Resorts Inc. (NYSE: PK) was downgraded by analysts at StockNews.com from a "hold" rating to a "sell" rating.MarketBeat
- Park Hotels & Resorts Inc. (NYSE: PK) was downgraded by analysts at StockNews.com from a "hold" rating to a "sell" rating.MarketBeat
- Park Hotels & Resorts Inc. (NYSE: PK) was upgraded by analysts at StockNews.com from a "sell" rating to a "hold" rating.MarketBeat
- Park Hotels & Resorts Announces 2024 ENERGY STAR® Partner of the Year Award [Yahoo! Finance]Yahoo! Finance
- Park Hotels & Resorts Announces 2024 ENERGY STAR® Partner of the Year AwardGlobeNewswire
PK
Earnings
- 2/27/24 - Beat
PK
Sec Filings
- 4/19/24 - Form 8-K
- 4/3/24 - Form DEFA14A
- 3/26/24 - Form 4
- PK's page on the SEC website