{"id":480962,"date":"2021-04-23T06:03:17","date_gmt":"2021-04-23T10:03:17","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/park-hotels-resorts-announces-the-sale-of-the-w-new-orleans-french-quarter-and-provides-an-update-on-hotel-reopenings-and-operating-trends\/"},"modified":"2021-04-23T06:03:17","modified_gmt":"2021-04-23T10:03:17","slug":"park-hotels-resorts-announces-the-sale-of-the-w-new-orleans-french-quarter-and-provides-an-update-on-hotel-reopenings-and-operating-trends","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/park-hotels-resorts-announces-the-sale-of-the-w-new-orleans-french-quarter-and-provides-an-update-on-hotel-reopenings-and-operating-trends\/","title":{"rendered":"Park Hotels &amp; Resorts Announces the Sale of the W New Orleans \u2013 French Quarter and Provides an Update on Hotel Reopenings and Operating Trends"},"content":{"rendered":"<div class=\"mw_release\">\n<p>TYSONS, Va., April  23, 2021  (GLOBE NEWSWIRE) &#8212; Park Hotels &amp; Resorts Inc. (NYSE: PK) (\u201cPark\u201d or the \u201cCompany\u201d) today announced that it has closed on the sale of the 97-room W New Orleans \u2013 French Quarter (the \u201cHotel\u201d) located in New Orleans, LA, for gross proceeds of approximately $24.1 million, or $249,000 per key. When adjusted for Park\u2019s anticipated capital expenditures (\u201ccapex\u201d), the sale price represents a 4.3% capitalization rate on the Hotel\u2019s 2019 net operating income (5.8% excluding capex), or 17.9x the Hotel\u2019s 2019 EBITDA (13.3x excluding capex). Proceeds from the sale will be used to repay debt.<\/p>\n<p>The sale of the Hotel marks the 25<sup>th<\/sup> non-core hotel that Park has sold or disposed of since its spin-off from Hilton in January 2017, with gross proceeds from these 25 hotels totaling over $1.2 billion. Since the Company\u2019s acquisition of Chesapeake Lodging Trust in September 2019, it has now sold six non-core hotels as part of its ongoing strategy to de-lever its balance sheet and transform its portfolio.<\/p>\n<p>\n        <strong><br \/>\n          <u>Operational Update<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>Park also announced that the Company recently reopened three West Coast hotels due to improving demand trends in their respective markets. The 360-room Le Meridien San Francisco and the 171-room Hotel Adagio, Autograph Collection, both located in San Francisco, as well as the 850-room DoubleTree Hotel Seattle Airport, all reopened in late March. Park now has 52 out of 59 hotels open, accounting for nearly 80% of the Company\u2019s total room count. The Company\u2019s seven remaining suspended hotels are currently expected to reopen over the next couple of quarters as travel restrictions ease and demand recovers.<\/p>\n<p>The Company continues to witness encouraging improvements in demand, with occupancy at its consolidated hotels increasing from 21% in January to nearly 33% in March, while the portfolio achieved positive EBITDA in March with nearly half of all open consolidated hotels generating positive EBITDA. Park\u2019s hotels located in leisure-oriented destinations or submarkets have recorded strong increases in leisure demand over the latter half of the first quarter and into the second quarter. As a result of the recent strong performance, Park\u2019s monthly burn rate decreased to $26 million in March from the average monthly burn rate of $42 million the company reported during the fourth quarter 2020.<\/p>\n<p>\u201cI am pleased to announce our first non-core asset sale since the onset of the COVID-19 pandemic at very strong pricing amidst encouraging buyer demand for premium, well-located hotels in markets with high barriers to entry,\u201d stated Thomas J. Baltimore, Jr., Chairman and CEO of Park. \u201cThe sale of the W New Orleans \u2013 French Quarter helps to streamline our portfolio to focus our resources on our larger assets as well as reduce our exposure in a market where we already have a strong presence with our 1,622-room Hilton Riverside hotel. We remain laser-focused on executing on our strategic priorities, including reopening our hotels, reducing our burn rate and further de-levering our balance sheet, as we enter a promising period of demand recovery over the coming months. Operationally, leisure demand trends continue to improve at a faster pace than we had initially anticipated, with a broader based recovery across all demand segments expected over the back half of 2021 and well into 2022.\u201d<\/p>\n<p>\n        <strong><br \/>\n          <strong><br \/>\n            <u>About Park Hotels &amp; Resorts<\/u><br \/>\n          <\/strong><br \/>\n        <\/strong><br \/>\n        <br \/>Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park\u2019s portfolio currently consists of 59 premium-branded hotels and resorts with over 33,000 rooms primarily located in prime city center and resort locations. Visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=JC4qcROWmjSdjr-UTPBRmggWVgZot9R5QXA8wcqkY-qe92lZ7-bVg28Vk-aU6MHhVAeDGlns7HhrJAyM7dYacEsiEd6FHvbVlpSaAe9iQ4gSUMi54FO9BRqIFR9VwSCs\" rel=\"nofollow noopener\" target=\"_blank\">www.pkhotelsandresorts.com<\/a> for more information.\u00a0<\/p>\n<p>\n        <strong>For more information, contact:<\/strong><br \/>\n        <br \/>Ian Weissman<br \/>Senior Vice President, Corporate Strategy<br \/>571-302-5591<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=JaTFVp-wr75-coJEVDVwUeKr88pjdqU2DJH3ZutT4oH-Fobg49FftfUV960P_JEu2xOlwW_jdeBkBO3y1lZvqLDLUYZrJ-uX8tZmbfKt8l3kBrl1F8ClIpcFGANjT3Iz\" rel=\"nofollow noopener\" target=\"_blank\">iweissman@pkhotelsandresorts.com<\/a><\/p>\n<p align=\"center\">\n        <em>For additional information or to receive press releases via e-mail, please visit our website at<\/em><br \/>\n        <br \/>\n        <em>www.pkhotelsandresorts.com<\/em>\n      <\/p>\n<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIyMjQyNCM0MTM1Nzg2IzIxODg5MTc=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/1f2be0ef-6e07-42fd-9080-1f69aa9048bc\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>TYSONS, Va., April 23, 2021 (GLOBE NEWSWIRE) &#8212; Park Hotels &amp; Resorts Inc. (NYSE: PK) (\u201cPark\u201d or the \u201cCompany\u201d) today announced that it has closed on the sale of the 97-room W New Orleans \u2013 French Quarter (the \u201cHotel\u201d) located in New Orleans, LA, for gross proceeds of approximately $24.1 million, or $249,000 per key. When adjusted for Park\u2019s anticipated capital expenditures (\u201ccapex\u201d), the sale price represents a 4.3% capitalization rate on the Hotel\u2019s 2019 net operating income (5.8% excluding capex), or 17.9x the Hotel\u2019s 2019 EBITDA (13.3x excluding capex). Proceeds from the sale will be used to repay debt. The sale of the Hotel marks the 25th non-core hotel that Park has sold or disposed of since its spin-off &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/park-hotels-resorts-announces-the-sale-of-the-w-new-orleans-french-quarter-and-provides-an-update-on-hotel-reopenings-and-operating-trends\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Park Hotels &amp; Resorts Announces the Sale of the W New Orleans \u2013 French Quarter and Provides an Update on Hotel Reopenings and Operating Trends&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-480962","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Park Hotels &amp; Resorts Announces the Sale of the W New Orleans \u2013 French Quarter and Provides an Update on Hotel Reopenings and Operating Trends - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/park-hotels-resorts-announces-the-sale-of-the-w-new-orleans-french-quarter-and-provides-an-update-on-hotel-reopenings-and-operating-trends\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Park Hotels &amp; Resorts Announces the Sale of the W New Orleans \u2013 French Quarter and Provides an Update on Hotel Reopenings and Operating Trends - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"TYSONS, Va., April 23, 2021 (GLOBE NEWSWIRE) &#8212; Park Hotels &amp; Resorts Inc. (NYSE: PK) (\u201cPark\u201d or the \u201cCompany\u201d) today announced that it has closed on the sale of the 97-room W New Orleans \u2013 French Quarter (the \u201cHotel\u201d) located in New Orleans, LA, for gross proceeds of approximately $24.1 million, or $249,000 per key. When adjusted for Park\u2019s anticipated capital expenditures (\u201ccapex\u201d), the sale price represents a 4.3% capitalization rate on the Hotel\u2019s 2019 net operating income (5.8% excluding capex), or 17.9x the Hotel\u2019s 2019 EBITDA (13.3x excluding capex). Proceeds from the sale will be used to repay debt. The sale of the Hotel marks the 25th non-core hotel that Park has sold or disposed of since its spin-off &hellip; Continue reading &quot;Park Hotels &amp; Resorts Announces the Sale of the W New Orleans \u2013 French Quarter and Provides an Update on Hotel Reopenings and Operating Trends&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/park-hotels-resorts-announces-the-sale-of-the-w-new-orleans-french-quarter-and-provides-an-update-on-hotel-reopenings-and-operating-trends\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-23T10:03:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIyMjQyNCM0MTM1Nzg2IzIxODg5MTc=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/park-hotels-resorts-announces-the-sale-of-the-w-new-orleans-french-quarter-and-provides-an-update-on-hotel-reopenings-and-operating-trends\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/park-hotels-resorts-announces-the-sale-of-the-w-new-orleans-french-quarter-and-provides-an-update-on-hotel-reopenings-and-operating-trends\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Park Hotels &amp; 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(NYSE: PK) (\u201cPark\u201d or the \u201cCompany\u201d) today announced that it has closed on the sale of the 97-room W New Orleans \u2013 French Quarter (the \u201cHotel\u201d) located in New Orleans, LA, for gross proceeds of approximately $24.1 million, or $249,000 per key. When adjusted for Park\u2019s anticipated capital expenditures (\u201ccapex\u201d), the sale price represents a 4.3% capitalization rate on the Hotel\u2019s 2019 net operating income (5.8% excluding capex), or 17.9x the Hotel\u2019s 2019 EBITDA (13.3x excluding capex). Proceeds from the sale will be used to repay debt. The sale of the Hotel marks the 25th non-core hotel that Park has sold or disposed of since its spin-off &hellip; Continue reading \"Park Hotels &amp; Resorts Announces the Sale of the W New Orleans \u2013 French Quarter and Provides an Update on Hotel Reopenings and Operating Trends\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/park-hotels-resorts-announces-the-sale-of-the-w-new-orleans-french-quarter-and-provides-an-update-on-hotel-reopenings-and-operating-trends\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-23T10:03:17+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIyMjQyNCM0MTM1Nzg2IzIxODg5MTc=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/park-hotels-resorts-announces-the-sale-of-the-w-new-orleans-french-quarter-and-provides-an-update-on-hotel-reopenings-and-operating-trends\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/park-hotels-resorts-announces-the-sale-of-the-w-new-orleans-french-quarter-and-provides-an-update-on-hotel-reopenings-and-operating-trends\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Park Hotels &amp; 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