Park Hotels & Resorts Inc. has announced that it has closed on the sale of the 182-room Ace Hotel Downtown Los Angeles located in Los Angeles, CA, for gross proceeds of $117.0 million, Proceeds from the sale of the Hotel will be used to repay a portion of Park’s unsecured indebtedness in order to deliver Park’s balance sheet.
“We are very pleased to announce the successful execution of our 20th non-core asset sale, which helps deliver on our stated objective of reducing leverage following our recent acquisition of Chesapeake Lodging Trust,” commented Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park. “We have now sold approximately $1 billion in assets since our formation less than three years ago, taking advantage of strong buyer interest and our deep relationships with the investment community in order to achieve our strategic goals. We remain confident in our ability to deliver on our near-term objectives of upgrading the quality of the portfolio while also maintaining a low-levered balance sheet, which will serve us well in all phases of the lodging cycle.”
Ace Hotel Downtown Los Angeles opened early 2014 in the historic United Artists building in Downtown LA. Built in 1927 for the maverick film studio, this ornate, storied and vibrant Los Angeles gem stands as a monument to a group of seminal American artists pushing out on their own, and anchors the Broadway Theater District's modern renaissance. Mary Pickford's love for the ornate detail and stone spires of Spanish castles and cathedrals is manifest at the theater — a true temple of the arts. The mixture of reverent awe and irreverent independence is right up our alley — this is the kind of project we dream of.
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