Park Hotels & Resorts to Sell Five Non-Core Hotels by Early 2026

Park Hotels & Resorts Inc. has announced the sale or planned sale of five non-core hotels, with expected gross proceeds of approximately $198 million, as part of its ongoing portfolio transformation.

Park Hotels & Resorts Inc. has disclosed updates on its non-core asset disposition strategy, revealing the sale or pending sale of five non-core hotel properties. The anticipated gross proceeds from these transactions are approximately $198 million, with an average multiple of nearly 43x. These transactions are part of the company’s broader strategy to reshape its portfolio.

The company has already completed the sale of the 316-room Hyatt Centric Fisherman’s Wharf in May 2025, along with the sale of an unconsolidated joint venture interest in the 559-room Capital Hilton DC in November 2025. The remaining three transactions are expected to close by early 2026. Additionally, by the end of the year, Park will have exited three other non-core hotels with expiring ground leases, namely the 266-room Embassy Suites Kansas City Plaza, the 850-room DoubleTree Hotel Seattle Airport, and the 245-room DoubleTree Hotel Sonoma Wine Country. These hotels collectively generated minimal EBITDA in 2025.

The estimated 2025 average revenue per available room (RevPAR) and adjusted hotel EBITDA margin for these eight hotels are $124 and 7%, respectively. Park Hotels & Resorts plans to dispose of the remaining marketable non-core hotels over the next 12 months, aiming to complete its portfolio transformation.

Regarding operational performance, Park reaffirmed its full-year 2025 outlook. October and preliminary November Comparable RevPAR results were essentially in line with expectations, despite some impact from a government shutdown and the FAA’s temporary reduction in air traffic in November.

Preliminary November Comparable RevPAR increased approximately 2%, excluding the Royal Palm South Beach Miami hotel, which suspended operations in mid-May 2025 for renovations. Strong results were reported in Hawaii, New York, Denver, and Orlando, with RevPAR increases of approximately 19%, 10%, 8%, and 6%, respectively.

The Hilton Hawaiian Village Waikiki Beach Resort in Honolulu reported significant RevPAR growth of 20% in October and 26% in November compared to the previous year, contributing approximately 300 basis points to the portfolio’s Comparable RevPAR growth in each of the two months.

Park Hotels & Resorts continues to focus on its strategy of divesting underperforming, non-core hotels to enhance the overall quality of its portfolio and long-term growth potential.