Park Hotels & Resorts Inc. has announced that it has closed on the sale of the 316-room Hyatt Centric Fisherman’s Wharf located in San Francisco, CA for $80 million, or $253,000 per key. The sale price represents 64.0x 2024 EBITDA of the hotel. Proceeds from the sale will be used for ongoing return on investment projects in Park’s portfolio and for other general corporate purposes.

Park Hotels & Resorts Inc.

“Despite a challenging transaction market, I am very pleased with the progress we’ve made toward achieving our strategic objective of disposing $300 million to $400 million of non-core hotel assets in 2025. This initiative reflects our continued commitment to improving the overall quality of our iconic portfolio as we continue to aggressively reinvest back into our robust ROI pipeline, while simultaneously enhancing our liquidity position and financial flexibility,” commented Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park. “Since 2017, Park has sold or disposed of 46 hotels for over $3 billion, meaningfully reshaping our portfolio and strengthening our long-term growth. We remain laser focused on allocating capital to unlock the embedded value in our portfolio and maximize shareholder returns.”

Park Hotels & Resorts

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 39 premium-branded hotels and resorts with approximately 25,000 rooms located in prime city center and resort locations.