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Sign in Sign up for a FREE subscriptionPark Hotels & Resorts sells Hilton Berlin for €297m
Park Hotels & Resorts has closed on the sale of the 601-room Hilton Berlin for €297 million ($349 million). The buyer was not disclosed.
The sale of the asset marks the 13th hotel that Park Hotels & Resorts has sold in 2018 and the 10th hotel located in an international market.
The sale is part of Park Hotels & Resorts’ strategy of recycling capital out of noncore assets and reducing its exposure to international markets as well as joint venture interests.
After the sale, Park Hotels & Resorts’ portfolio includes four hotels outside the United States, accounting for approximately 1 percent of Adjusted EBITDA, down from 14 hotels held at the beginning of the year, which represented approximately 5 percent of 2017 Adjusted EBITDA.
“We have been laser-focused on reshaping our portfolio and maximizing value for our stockholders, and we are pleased that this sale helps to reduce our exposure to international markets, while further si