Rebounding Park selling more non-core assets
Park Hotels & Resorts has updated its non-core disposition activity, which it said will included exiting another three properties that were on expiring ground leases, including the 266-room Embassy Suites Kansas City Plaza, the 850-room DoubleTree Hotel Seattle Airport, and the 245-room DoubleTree Hotel Sonoma Wine Country. Collectively, the hotels generated minimal EBITDA in 2025.
Year-to-date, Park said it has sold or entered into agreements or letters of intent to sell five non-core hotels for anticipated gross proceeds of approximately $198 million at an average multiple of nearly 43x. Closed transactions include the sale of the 316-room Hyatt Centric Fisherman’s Wharf in May 2025 and the sale of an unconsolidated joint venture interest in the 559-room Capital Hilton DC in November 2025. The three remaining transactions are expected to close by early 2026.
Estimated 2025 average RevPAR and Adjusted Hotel EBITDA margin for these eight hotels is just $124 and 7%, respectively. Park added that it expects to dispose of the remaining marketable non-Core hotels over the next 12 months - completing its portfolio transformation.
“Once complete, Park will own one of the highest quality hotel portfolios in the sector, with expected comparable RevPAR of $218 and a presence in some of the strongest lodging markets in the U.S., including Hawaii, Orlando, New York, New Orleans, Boston, Key West, Miami and Santa Barbara,” Park Chairman and CEO Thomas Baltimore, Jr. said.
By Jeffrey Weinstein