Park Hotels and Resorts Inc. (PK) has agreed to sell two hotels for a gross consideration of $149 million or about $360,000 per key.  The company acquired these two properties, located in San Diego, Ca. and Washington, D.C., in 2019, through its merger with Chesapeake Lodging Trust. Park Hotels & Resorts Inc. is one of the largest publicly-traded lodging real estate investment trusts (REIT). It expects to use the proceeds from these two sales, which should close in the next 45-60 days, to reduce its leverage. Excluding capital expenditures, the transaction represents a 7.4% capitalization rate over net operating income for 2019.
https://www.tipranks.com/news/park-hotels-to-sell-2-hotels-for-149m-to-pare-down-debt
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