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]
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$2.599 billion (2024)
$226 million (2024)