Park Hotels & Resorts Inc. Announces the Sales of Three Non-Core Assets for $166M
24 Giugno 2019 - 10:57PM
Business Wire
Park Hotels & Resorts Inc. (“Park” or “the Company”)
(NYSE:PK) today announced that it closed on the sales of three
non-core domestic assets for combined gross proceeds of $166.0
million, or $151,000 per key. The three hotels, the 507-room Hilton
Atlanta Airport in Atlanta, Georgia; the 317-room Hilton New
Orleans Airport in New Orleans, Louisiana; and the 274-room Embassy
Suites Parsippany in Parsippany, New Jersey, are located in
non-core airport and suburban markets and had a combined 2018
RevPAR of $109, or approximately 37% below Park’s 2018 portfolio
average. When adjusted for Park’s anticipated capital expenditures
of $50.5 million, or $46,000 per key, the combined sale price
represents a 6.9% capitalization rate on the three hotels’ 2018 net
operating income, or 12.6x the hotels’ 2018 EBITDA.
“I am extremely pleased with our continued progress on our
capital recycling efforts, having now sold 18 non-core assets for
over $750 million since our formation in 2017,” commented Thomas J.
Baltimore, Jr., Chairman and Chief Executive Officer of Park. “As
previously disclosed, proceeds from the sales of these three assets
will help to meaningfully reduce our net leverage ahead of the
recently announced proposed merger with Chesapeake Lodging
Trust.”
About Park Hotels &
Resorts
Park Hotels & Resorts Inc. (NYSE: PK) is the second largest
publicly traded lodging real estate investment trust with a diverse
portfolio of market-leading hotels and resorts with significant
underlying real estate value. Park’s portfolio currently consists
of 48 premium-branded hotels and resorts with over 29,000 rooms
located primarily in prime U.S. markets with high barriers to
entry. For additional information, please visit Park's website at
www.pkhotelsandresorts.com.
Additional Information about the
Proposed Transaction and Where to Find It
In connection with the proposed transaction, on June 14, 2019
Park filed with the SEC a registration statement on Form S-4 (which
has not yet been declared effective) that includes a preliminary
proxy statement of Chesapeake Lodging Trust (“Chesapeake”) and also
constitutes a preliminary prospectus of Park. Park and Chesapeake
also plan to file other relevant documents with the SEC regarding
the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED
TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS
FILED WITH THE SEC, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The
proxy statement/prospectus, after being filed in definitive form by
Park, will be sent to Chesapeake’s shareholders. Investors may
obtain a free copy of the proxy statement/prospectus (if and when
it becomes available) and other relevant documents filed by Park
and Chesapeake with the SEC at the SEC’s website at www.sec.gov.
Copies of the documents filed by Park with the SEC will be
available free of charge on Park’s website at
http://www.pkhotelsandresorts.com or by contacting Park’s Investor
Relations at (571) 302-5591. Copies of the documents filed by
Chesapeake with the SEC will be available free of charge on
Chesapeake’s website at http://www.chesapeakelodgingtrust.com or by
contacting Chesapeake’s Investor Relations at (571) 349-9452.
Chesapeake and its trustees and executive officers and other
members of management and employees may be deemed to be
participants in the solicitation of proxies in respect of the
proposed transaction. Information about trustees and executive
officers of Chesapeake is available in the proxy statement for its
2019 Annual Meeting, which was filed with the SEC on April 30,
2019. Other information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in
the proxy statement/prospectus and other relevant materials filed
with the SEC regarding the proposed transaction when they become
available. Investors should read the proxy statement/prospectus
carefully before making any voting or investment decisions when it
becomes available before making any voting or investment decisions.
Investors may obtain free copies of these documents from Park or
Chesapeake using the sources indicated above.
This communication and the information contained herein shall
not constitute an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended.
For additional information or to receive press
releases via e-mail, please visit our website at
www.pkhotelsandresorts.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190624005685/en/
Ian Weissman Senior Vice President, Corporate Strategy
571-302-5591 iweissman@pkhotelsandresorts.com
Grafico Azioni Park Hotels and Resorts (NYSE:PK)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Park Hotels and Resorts (NYSE:PK)
Storico
Da Lug 2023 a Lug 2024