Park Hotels & Resorts has sold the 97-room W New Orleans – French Quarter, located in New Orleans, for $24.1 million.
The sale of the Hotel marks the 25th noncore hotel that Park has sold or disposed of since its spin-off from Hilton in January 2017, with gross proceeds from these 25 hotels totaling more than $1.2 billion. Since the company’s acquisition of Chesapeake Lodging Trust in September 2019, it has now sold six noncore hotels as part of its ongoing strategy to de-lever its balance sheet and transform its portfolio.
Park also announced that the company recently reopened three West Coast hotels due to improving demand trends in their respective markets. The 360-room Le Meridien San Francisco and the 171-room Hotel Adagio, Autograph Collection, both located in San Francisco, as well as the 850-room DoubleTree Hotel Seattle Airport, all reopened in late March. Park now has 52 out of 59 hotels open, accounting for nearly 80 percent of the company’s total
