Park Hotels & Resorts
| Park Hotels & Resorts Inc. | |
|---|---|
| legal form | Corporation |
| ISIN | US7005171050 |
| founding | 2017 |
| Seat | Tysons, United States
|
| Number of employees | 517 |
| sales | 2.74 billion US dollars (2018) |
| Branch | Hotels , REIT |
| Website | www.pkhotelsandresorts.com |
| As of December 31, 2018 | |
Park Hotels & Resorts Inc. is a real estate investment trust (REIT) focused on hotel properties. It was founded in 2017 as a spin-off from Hilton Worldwide . Its corporate headquarters are in Tysons, Virginia . The company's portfolio mainly includes hotels from the Hilton , Conrad, Waldorf Astoria , DoubleTree, Embassy Suits, Hampton Inn, Juniper and Park 55 brands .
history
Hilton Worldwide CEO Christopher Nassetta stated in June 2015 that the company plans to spin off a corporate REIT that will hold a $ 13 billion real estate portfolio. The plan was part of Nassetta's strategy to transform Hilton into an "asset-light" model to enable rapid international growth. The new structure should also benefit from tax relief with regard to corporation tax on REITs. Hilton announced final plans in February 2016 to spin off one of its real estate (Park Hotels & Resorts) and timeshare businesses ( Hilton Grand Vacations ) as separate companies. The spin-offs were completed on January 4, 2017. Park Hotels became the second largest publicly listed hotel REIT with 67 hotels.
In 2018, Park Hotels sold 13 non-core properties, including 10 of their 14 international properties, for a total of $ 519 million.
The HNA Group , which owned 25 percent of the company, sold all of its shares in a share buyback for a total of $ 1.4 billion in March 2018.
In May 2019, the company announced that it would buy rival Chesapeake Lodging Trust for an amount of $ 2.7 billion.
Portfolio
Park Hotels & Resorts owns 66 hotels in whole or in part. All hotels use brands licensed by Hilton Worldwide, with the majority of hotels being Hilton, DoubleTree and Embassy Suites. Park Hotels owns four of the hotels, with the rest being managed by Hilton Worldwide.
Hotels owned by the company are:
- Capital Hilton - Washington, DC (25% interest)
- Caribe Hilton - San Juan, Puerto Rico
- Embassy Suites Washington DC Georgetown - Washington, DC
- Hilton Chicago - Chicago, Illinois
- Hilton Hawaiian Village - Honolulu, Hawaii
- Hilton New Orleans-Riverside - New Orleans, Louisiana
- Hilton Orlando Bonnet Creek in Orlando, Florida
- Hilton Orlando Lake Buena Vista in Lake Buena Vista, Florida
- Hilton San Diego Bayfront - San Diego, California (25% stake)
- Hilton San Francisco Union Square - San Francisco, California
- Hilton Waikoloa Village - Puako, Hawaii
- New York Hilton Midtown - Manhattan, New York
- Waldorf Astoria Orlando - Orlando, Florida
Individual evidence
- ↑ a b Annual Report 2018. In: pkhotelsandresorts.com. Retrieved May 25, 2019 .
- ↑ Portfolio. Accessed April 28, 2019 .
- ↑ Hilton to spin off real estate, timeshare businesses . In: Reuters . February 26, 2016 ( reuters.com [accessed May 16, 2019]).
- ↑ Park Hotels & Resorts Inc. Announces the Sale of the Hilton Berlin and Declaration of Special Dividend. May 18, 2018, accessed May 16, 2019 .
- ↑ Julie Steinberg, Anjani Trivedi: China's HNA Group to Sell Stake in Hilton Spinoff Park Hotels & Resorts . In: Wall Street Journal . March 2, 2018, ISSN 0099-9660 ( wsj.com [accessed May 16, 2019]).
- ^ SA Editor Yoel Minkoff: Park Hotels to buy Chesapeake Lodging for $ 2.7B. May 6, 2019, accessed on May 13, 2019 .
- ↑ The REITs Atlas . ISBN 978-1-70672-182-6 , pp. 14 .
- ↑ Portfolio. Accessed April 28, 2019 .