Park Hotels & Resorts

Park Hotels & Resorts is an American real estate investment trust (REIT) focused on hotel properties, based in Tysons, Virginia. It was formed in 2017 as a spin-off from Hilton Worldwide.

History

In January 2017, Hilton Worldwide completed the corporate spin-off of its real estate assets into Park Hotels & Resorts to take advantage of the lack of corporate income taxes on real estate investment trusts and to enable Hilton to have an asset-light business model.[2][3][4][5][6][7][8] Park Hotels became the second-largest publicly traded hotel REIT, with holdings of 67 hotels.[9][10]

In 2018, Park Hotels sold 13 hotels that it considered "non-core" assets, including 10 of its 14 international properties, for a total of $519 million.[11][12][13]

In March 2018, HNA Group, which had owned 25% of the company after it purchased 25% of Hilton Worldwide in 2016, sold all its shares for $1.4 billion.[14][15][16][17]

In 2019, Park acquired Chesapeake Lodging Trust for $1 billion in cash plus $978 million in stock. The purchase added eighteen hotels to Park's portfolio, and diversified it by adding hotel brands franchised from Marriott, Hyatt, and others.[18][19]

The company sold 10 hotels in 2019 and 2020, including its last properties outside of the United States,[20] sold 5 hotels in 2021,[21] and sold 4 hotels in 2022.[22]

In 2023, the company placed two of its San Francisco hotels, the Hilton San Francisco Union Square and Parc 55 San Francisco, into receivership, effectively surrendering them to the mortgage holder for a deed in lieu of foreclosure, because of poor revenue projections and reduced property value.[23][24]

Properties

Park Hotels & Resorts has whole or partial ownership of 40 hotels, containing 25,000 rooms.[1] Most hotels operate under brands licensed from Hilton Worldwide, including Hilton, DoubleTree, Embassy Suites, and Curio.[1] The hotels are managed by other companies, most of them by Hilton Worldwide.[1]

Notable hotels owned by the company include:[1]

• Caribe Hilton – San Juan, Puerto Rico
• Hilton Chicago – Chicago, Illinois
• Hilton Hawaiian Village – Honolulu, Hawaii
• Hilton New Orleans Riverside – New Orleans, Louisiana
• Hilton Orlando Lake Buena Vista – Lake Buena Vista, Florida
• Hilton Waikoloa Village – Puako, Hawaii
• JW Marriott San Francisco Union Square – San Francisco, California
• New York Hilton Midtown – Manhattan, New York
• Signia by Hilton Orlando Bonnet Creek – Orlando, Florida
• Waldorf Astoria Orlando – Orlando, Florida

External links