-
Hyatt Centric Fisherman’s Wharf Hotel – Image Credit Hyatt
Park Hotels & Resorts Inc. has successfully completed the sale of the Hyatt Centric Fisherman’s Wharf in San Francisco for $80 million, or $253,000 per key.
The transaction’s price is equivalent to 64.0x the hotel’s 2024 EBITDA. This substantial sum will be used for return on investment (ROI) projects currently in progress within Park’s portfolio and for other general corporate objectives.
This sale comes amid a challenging transaction market and constitutes a significant step towards Park’s strategic goal of disposing of between $300 million and $400 million of non-core hotel assets by 2025. As such, this initiative underscores Park’s ongoing commitment to enhancing the quality of its portfolio.
Since 2017, Park has sold or disposed of 46 hotels, amounting to over $3 billion. This has significantly reshaped their portfolio and strengthened their standing for future growth.
