Park Hotel & Resorts to sell $400m of assets

Park Hotel & Resorts has plans to sell another $300 million to $400 million of assets to reduce leverage and reinvest back in their portfolio, according to the transcript of the second-quarter earnings call.

“Our third priority is to fortify our balance sheet by continuing to push our maturities, reduce leverage, bolster liquidity and maintain flexibility as we look to pivot between defense and offense, depending on what the markets dictate. Today, our liquidity position is approaching $1.8 billion with no meaningful maturities over the next 12 months,” said Tom Baltimore, chairman and CEO.

Baltimore described their strategy this way: “We're not a panic seller. We'll be thoughtful.”

Sales include that in 2021, the REIT sold two hotels in San Fr