Park Hotels & Resorts (PK) completes sale of 192-room Conrad Dublin.
Park Hotel & Resorts (PK) announced today that it had completed the sale of the 192-room Conrad Dublin hotel for total gross proceeds of €116.4 million. The property had been owned in a joint-venture structure, with Park's pro rata share of gross proceeds estimated at $61 million before closing adjustments and debt repayment. Park management noted that "the execution of this non-core asset at very attractive pricing"..."marks the beginning of a series of asset sales to reduce leverage."
Park Hotels & Resorts Inc. is an equity REIT focusing on upper upscale and luxury hotel properties. The company has a current enterprise value of approximately $10 billion and is a member of the S&P MidCap 400 Index.