Park Hotels Announces $80M Sale of Hyatt Centric Fisherman's Wharf

Core Insights - Park Hotels & Resorts, Inc. has sold the 316-room Hyatt Centric Fisherman's Wharf in San Francisco for $80 million, reflecting a multiple of 64.0 times the hotel's 2024 EBITDA [1] - The company aims to dispose of $300 million to $400 million of non-core hotel assets by 2025, enhancing its portfolio quality and financial flexibility [2] - Since 2017, Park Hotels has sold 46 hotels for over $3 billion, focusing on capital allocation to unlock value and improve shareholder returns [3] Financial Performance - The recent sale proceeds will be used for ongoing ROI projects and general corporate purposes [1] - Over the past three months, Park Hotels' shares have declined by 17.3%, compared to a 2.5% decline in the industry [4] Strategic Focus - The company emphasizes prudent capital management and aims to optimize the use of proceeds from asset dispositions [4] - Park Hotels is focused on development activities to enhance long-term growth [4]