Park Hotels & Resorts has completed the sale of the Hyatt Centric Fisherman’s Wharf in San Francisco, California, US, for $80m.
The transaction for the 316-room property equates to $253,000 per key and is valued at 64 times its projected 2024 EBITDA.
The proceeds will be channelled into return on investment (ROI) projects within the company’s portfolio and for other corporate purposes.
The Hyatt Centric Fisherman’s Wharf offers a range of amenities, including an on-site restaurant, a 24-hour fitness centre, a heated outdoor pool and hot tub, and meeting facilities.
Park Hotels & Resorts is making advancements towards its goal of divesting $300m to $400m of non-core hotel assets by 2025.
Park CEO and chairman Thomas J. Baltimore, Jr. said: “This initiative reflects our continued commitment to improving the overall quality of our iconic portfolio as we continue to aggressively reinvest back into our robust ROI pipeline, while simultaneously enhancing our liquidity position and financial flexibility.
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By GlobalData“Since 2017, Park has sold or disposed of 46 hotels for over $3bn, meaningfully reshaping our portfolio and strengthening our long-term growth. We remain laser focused on allocating capital to unlock the embedded value in our portfolio and maximise shareholder returns.”
Park, a lodging real estate investment trust (REIT), boasts a diverse portfolio of 39 premium-branded hotels and resorts, encompassing around 25,000 rooms across city centre and resort locations.
In a previous move, Park Hotels & Resorts signed two deals in July 2021 to sell two San Francisco properties for a combined $303.5m.
The properties involved in the divestiture were the 360-key Le Meridien San Francisco and the 171-key Hotel Adagio, Autograph Collection.
