Park Hotels & Resorts
Organization
From Wikipedia, the free encyclopedia
Park Hotels & Resorts is an American real estate investment trust (REIT) focused on hotel properties, based in Tysons, Virginia. It was formed in 2017 as a spin-off from Hilton Worldwide.
| |
| Type | Public company |
|---|---|
| NYSE: PK S&P 400 component Russell 1000 Index component | |
| Industry | Real estate investment trust Hotels |
| Founded | January 4, 2017 |
| Headquarters | Tysons, Virginia |
Key people | Thomas J. Baltimore, Jr. (Chairman & CEO) |
| Revenue |  $2.599 billion (2024) |
 $226 million (2024) | |
| Total assets | $9.161 billion (2024) |
| Total equity | $3.594 billion (2024) |
Number of employees | 91 (2024) |
| Website | www |
| Footnotes [1] | |
History
In January 2017, Hilton Worldwide completed the corporate spin-off of its real estate assets into Park Hotels & Resorts to take advantage of the lack of corporate income taxes on real estate investment trusts and to enable Hilton to have an asset-light business model.[2][3][4][5][6][7][8] Park Hotels became the second-largest publicly traded hotel REIT, with holdings of 67 hotels.[9][10]
In 2018, Park Hotels sold 13 hotels that it considered "non-core" assets, including 10 of its 14 international properties, for a total of $519 million.[11][12][13]
In March 2018, HNA Group, which had owned 25% of the company after it purchased 25% of Hilton Worldwide in 2016, sold all its shares for $1.4 billion.[14][15][16][17]
In 2019, Park acquired Chesapeake Lodging Trust for $1 billion in cash plus $978 million in stock. The purchase added eighteen hotels to Park's portfolio, and diversified it by adding hotel brands franchised from Marriott, Hyatt, and others.[18][19]
The company sold 10 hotels in 2019 and 2020, including its last properties outside of the United States,[20] sold 5 hotels in 2021,[21] and sold 4 hotels in 2022.[22]
In 2023, the company placed two of its San Francisco hotels, the Hilton San Francisco Union Square and Parc 55 San Francisco, into receivership, effectively surrendering them to the mortgage holder for a deed in lieu of foreclosure, because of poor revenue projections and reduced property value.[23][24]
Properties
Park Hotels & Resorts has whole or partial ownership of 40 hotels, containing 25,000 rooms.[1] Most hotels operate under brands licensed from Hilton Worldwide, including Hilton, DoubleTree, Embassy Suites, and Curio.[1] The hotels are managed by other companies, most of them by Hilton Worldwide.[1]
Notable hotels owned by the company include:[1]
- Caribe Hilton – San Juan, Puerto Rico
- Hilton Chicago – Chicago, Illinois
- Hilton Hawaiian Village – Honolulu, Hawaii
- Hilton New Orleans Riverside – New Orleans, Louisiana
- Hilton Orlando Lake Buena Vista – Lake Buena Vista, Florida
- Hilton Waikoloa Village – Puako, Hawaii
- JW Marriott San Francisco Union Square – San Francisco, California
- New York Hilton Midtown – Manhattan, New York
- Signia by Hilton Orlando Bonnet Creek – Orlando, Florida
- Waldorf Astoria Orlando – Orlando, Florida
Former properties
- Ace Hotel Los Angeles — Los Angeles, California – Sold in 2019[25][26][27]
- Capital Hilton – Washington, DC (25% interest) – Sold in 2025[28]
- Embassy Suites Washington, D.C. – Washington, DC — Sold in 2020 for $90.4 million[29][30][31]
- Hilton San Diego Bayfront – San Diego, California (25% interest) — Sold in 2022[22]
- Le Méridien New Orleans — New Orleans, Louisiana — Sold in January 2020[32][33]
- Le Méridien San Francisco – San Francisco, California — Acquired in 2019 and sold in 2021[34]
- Hilton San Francisco Union Square – San Francisco, California — Surrendered to lender in 2023[23]
- Parc 55 San Francisco – San Francisco, California — Acquired in 2015 and surrendered to lender in 2023[23]
