The Embassy Suites DC, located in Washington, D.C., was sold for gross proceeds of $90.4 million, or $459,000 per key before customary closing costs and adjustments.
The Hilton São Paulo, located in São Paulo, Brazil, was sold for gross proceeds of $117.5 million, or $234,000 per key before customary closing costs and adjustments.
“We are excited to announce the sale of two non-core assets that advance our strategic objectives at very attractive pricing,” commented Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park. “The sale of the Hilton São Paulo marks our official exit from international markets, and we have now sold or disposed of 24 assets for over $1.2 billion since our spin-off from Hilton, including 14 international assets. In addition, since closing the Chesapeake acquisition in September 2019, we have sold a total of five non-core hotels for gross proceeds of nearly $470 million, executing on our stated strategy of reducing net leverage closer to our targeted goal of low 4x net-debt-to-EBITDA. I am very proud of our capital recycling efforts and the progress we have made toward our portfolio transformation.”
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