Park Hotels & Resorts has closed on the sale of 11 noncore assets, including a portfolio of three Embassy Suites hotels, a portfolio of seven U.K. hotels and one South African hotel for total gross proceeds of $317 million.
The Embassy Suites portfolio sold for total gross proceeds of approximately $95.8 million, equating to $142,000 per key. The portfolio consists of the 241-room Embassy Suites by Hilton Atlanta Perimeter Center in Atlanta; the 236-room Embassy Suites by Hilton San Rafael Marin County in San Rafael, Calif.; and the 199-room Embassy Suites by Hilton Kansas City Overland Park in Overland Park, Kan.
The U.K. portfolio sold for total gross proceeds of approximately $189 million, equating to $141,000 per key. The portfolio consists of the 188-room Hilton London Islington in London, the 173-room Hilton Bath City in Bath, the 184-room Hilton Edinburgh Grosvenor in Edinburgh, the 198-room Hilton Belfast in Belfast, the 278-room Hilton Blackpool in Blackpool, the 138-room Hilton Milton Keynes in Milton Keynes, and the 175-room Hilton Coylumbridge in Coylumbridge.
Park also closed on the sale of the 327-room Hilton Durban Hotel located in Durban, South Africa, for gross proceeds of approximately $32.5 million, equating to $99,000 per key.
