Park Hotels & Resorts sells Hilton Berlin for €297m (DE)

Park Hotels & Resorts sells Hilton Berlin for €297m (DE)

Park Hotels & Resorts Inc. has closed on the sale of the 601-room Hilton Berlin for €297m. The sale of the asset marks the 13th hotel that Park has sold in 2018 and the 10th hotel located in an international market. The sale exemplifies Park’s strategy of recycling capital out of non-core assets and reducing its exposure to international markets as well as joint venture interests. Following the sale, Park now has ownership interests in four hotels outside the U.S., accounting for approximately 1% of Adjusted EBITDA, down from 14 hotels held at the beginning of the year, which represented approximately 5% of 2017 Adjusted EBITDA.

 

“We are excited to announce the execution of another non-core asset sale at extremely favourable pricing. We have been laser-focused on reshaping our portfolio and maximizing value for our stockholders, and we are pleased that this sale helps to reduce our exposure to international markets, while further simplifying the ownership structure of our assets,” commented Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park. “Since the start of the year, we have successfully sold over €426.7m ($500m) in non-core assets. We continue to be impressed by the strong demand for hotel assets and are very encouraged as we begin the second phase of our capital recycling program.”

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