Park Hotels & Resorts sells Dublin hotel

Park Hotels & Resorts and its joint venture partners have closed on the sale of their interests in the company that owns the 192-room Conrad Dublin for €116.4 million ($128.5 million).

“We are excited to announce the execution of this non-core asset sale at very attractive pricing, which reduces our international exposure as well as our ownership in joint venture interests,” commented Thomas J. Baltimore, Jr., chairman and CEO of Park. “I am incredibly proud of our team’s capital recycling efforts over the past two years, which include selling 19 non-core assets for approximately $815 million and acquiring 18 high-quality assets in the recently completed $2.5-billion acquisition of Chesapeake Lodging Trust. The sale of the Conrad Dublin marks the beginning of a series of asset sales being executed to reduce leverage in the near term, delivering on our stated objective.”