park hotels & resorts inc.
Park Hotels & Resorts Inc. | May 16, 2019
TYSONS, Va. -- Park Hotels & Resorts Inc. ("Park") (NYSE:PK) announced that the Caribe Hilton ("the Resort") in San Juan, Puerto Rico reopened today following a $150-million restoration. The 652-room resort was impaired for 20 months after sustaining significant damage from Hurricane Maria in September 2017. "We are thrilled to re-introduce the iconic Caribe Hilton to guests and locals alike," said Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park Hotels & Resorts. "We have worked tirelessly to restore, reimagine and enhance the hotel, and we are confident that the finished product is worthy of the hotel's lege...
Park Hotels & Resorts | May 6, 2019
TYSONS, Va.-- May 6 2019 --Park Hotels & Resorts Inc. ("Park", the "Company") (NYSE:PK) and Chesapeake Lodging Trust ("Chesapeake") (NYSE:CHSP) today announced that they have entered into a definitive merger agreement under which Park will acquire all the outstanding shares of Chesapeake in a cash and stock transaction valued at approximately $2.7 billion (inclusive of transaction costs). Upon completion of the merger, the combined company will have an estimated enterprise value of $12 billion, firmly solidifying Park's position as the second largest lodging REIT while also advancing the Company's strategic goals of portfolio enhancement ...
Park Hotels & Resorts | February 11, 2019
TYSONS, Va.--Park Hotels & Resorts Inc. ("Park") (NYSE:PK) today announced that it has closed on the sale of the 563-room Pointe Hilton Squaw Peak Resort (the "Hotel") located in Phoenix, AZ, for gross proceeds of $51.4 million, or $91,200 per key before customary closing costs. When adjusted for Park's anticipated capital expenditures ("capex") of $28 million for the Hotel, the sale price represents a 5.2% capitalization rate on the Hotel's projected 2018 net operating income (8.0% excluding capex), or 13.9x the Hotel's projected 2018 EBITDA. Proceeds from the sale will be used for general business purposes, which may include fundi...
Hilton Short Hills | July 16, 2018
SHORT HILLS, NJ - Hilton Short Hills, a AAA Four Diamond-rated property part of Hilton Hotels and Resort's fast-growing global portfolio of upscale, full-service hotels, just placed the finishing touches on a $9 million hotel transformation project. The renovation includes a modern restoration to create a hometown-luxury experience of 314 guestrooms and suites, exclusive Executive Lounge and 16,000 sq. ft. of meeting space. The transformation includes a rooftop expansion, with the addition of The Balcony, an all-new open-air rooftop for weddings and private events with strung garden lights surrounded by serene woodlands. Additionally, l...
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