Park Hotels & Resorts


Park Hotels & Resorts is a real estate investment trust focused on hotel properties, based in Tysons, Virginia. It was formed in 2017 as a spin-off from Hilton Worldwide.

History

Hilton Worldwide CEO Christopher Nassetta stated in June 2015 that the company was evaluating a corporate spin-off of a REIT to hold its $13-billion real estate portfolio. The plan was part of Nassetta's strategy of moving Hilton to an "asset-light" business model, to enable rapid international growth. It was also meant to take advantage of the lack of corporate income taxes on REITs. Hilton announced definitive plans in February 2016 to spin off a REIT and its timeshare business as separate companies. The spin-offs were completed on January 4, 2017. Park Hotels became the second-largest publicly traded hotel REIT, with holdings of 67 hotels.
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.
HNA Group, which had owned 25 percent of the company, sold all its shares in March 2018 in a stock buyback and a secondary offering for a total of $1.4 billion.
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.
The company sold another 10 hotels in 2019 and 2020, including its last remaining properties outside of the United States, for total proceeds of $688 million.

Properties

Park Hotels & Resorts has whole or partial ownership of 60 hotels. The bulk of the hotels operate under brands licensed from Hilton Worldwide, including Hilton, DoubleTree, and Embassy Suites. Park Hotels manages four of the properties itself; the remainder are managed by other companies, most of them by Hilton Worldwide.
Notable hotels owned by the company include: