Park Hotels & Resorts

Park Hotels & Resorts Inc.

Company type	Public company
Traded as	NYSE: PK S&P 400 component Russell 1000 Index component
Industry	Real estate investment trust Hotels
Founded	January 4, 2017 (2017-01-04)
Headquarters	Tysons, Virginia
Key people	Thomas J. Baltimore, Jr. (Chairman & CEO)
Revenue	$2.599 billion (2024)
Net income	$226 million (2024)
Total assets	$9.161 billion (2024)
Total equity	$3.594 billion (2024)
Number of employees	91 (2024)
Website	www.pkhotelsandresorts.com
Footnotes / references [1]

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.

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]

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]

• Capital Hilton – Washington, DC (25% interest)
• 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

• Ace Hotel Los Angeles — Los Angeles, California – Sold in 2019 for $117 million ($643,000 per room)^[25][26][27]
• Embassy Suites Washington, D.C. – Washington, DC — Sold in 2020 for $90.4 million^[28][29][30]
• Hilton San Diego Bayfront – San Diego, California (25% interest) — Sold in 2022^[22]
• Le Méridien New Orleans — New Orleans, Louisiana — Sold in January 2020^[31][32]
• Le Méridien San Francisco – San Francisco, California — Acquired in 2019 and sold in 2021^[33]
• 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]

• Official website