Park Hotels & Resorts sells Miami hotel for $118m

Park Hotels & Resorts has closed on the sale of the 508-room Hilton Miami Airport Blue Lagoon for $118.25 million, or $233,000 per key.

The new owner is MCR. This is the company’s second hotel at the Miami airport submarket acquiring the Hyatt Place Miami Airport East in December of 2022, its 10th hotel in Florida.

Proceeds from the sale will be used to pay off the outstanding $50 million revolver balance and for general corporate purposes.

“I am incredibly pleased with our ongoing efforts to recycle capital out of non-core hotels and improve the overall quality of our portfolio and balance sheet,” said Thomas J. Baltimore, Jr., chairman and CEO of Park Hotels & Resorts. “Over the last 12 months, Park has sold eight hotels for over $435 million, with proceeds used to pay down debt and buy back common stock at a significant discount to NAV. With $1.9 billion of liquidity, Park is well-positioned to pivot between offense and defense depe