Park Hotels & Resorts sells two hotels for $208m, exiting international markets

Park Hotels & Resorts has closed on the two separate sales for combined gross proceeds of approximately $208 million.

The first property is the 197-room Embassy Suites by Hilton Washington, D.C., Georgetown, for $90.4 million. And the 503-room Hilton São Paulo Morumbi sold for $117.5 million.

The new owners were not disclosed.

“We are excited to announce the sale of two non-core assets that advance our strategic objectives at very attractive pricing,” commented Thomas J. Baltimore, chairman and CEO of Park. “The sale of the Hilton São Paulo marks our official exit from international markets, and we have now sold or disposed of 24 assets for over $1.2 billion since our spin-off from Hilton, including 14 international assets. In addition, since closing the Chesapeake acquisition in September 2019, we have sold a total of five non-core hotels for gross proceeds of nearly $470 million, executing on our stated strategy of reducing net leverage closer to o