Tuesday, 24 December 2019

Park Hotels & Resorts Inc.sells another property........Le Meridien New Orleans

Park Hotels & Resorts Inc. has confirmed the sale of yet another property, the latest asset to change hands is the 410-room Le Meridien New Orleans.

The deal has raised gross proceeds of $84.0 million, or $205,000 per key before customary closing costs.  It comes hot on the heels of other hotel disinvestments of the Conrad Dublin and the Ace Hotel Downtown Los Angeles. 

“We are extremely pleased to close on another non-core asset sale and further de-lever the balance sheet, having materially improved our net leverage in just three months,” commented Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park. “With the sale of the Le Meridian New Orleans we have now sold, or otherwise disposed of, 22 non-core assets for $1.0 billion since our spin from Hilton as we continue to make progress against our strategic plan to improve the quality of our portfolio by exiting international and slower growth domestic markets.”

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