Currently, one of the most significant factors continues to be the adverse effect of COVID-19, including possible resurgences, on the Company’s financial condition, results of operations, cash flows and performance, its hotel management companies and its hotels’ tenants, and the global economy and financial markets. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “hopes” or the negative version of these words or other comparable words. Forward-looking statements include, but are not limited to, statements related to Park’s current expectations regarding use of proceeds from the sale of properties. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Baltimore, Jr., Chairman and Chief Executive Officer of Park. The sale of these two hotels represents our ongoing commitment to reduce net leverage and better position our portfolio for long-term, sustainable growth,” commented Thomas J. Year to date, we have sold three hotels for total proceeds of $173.1 million, or 13.5x 2019 EBITDA, on a gross basis. “I am very pleased with the progress we have made towards our targeted goal of $300 million to $400 million of asset sales in 2021. Proceeds from the sale will be used to fully repay debt currently outstanding on the Company’s revolving credit facility and partially repay debt currently outstanding on its one remaining bank term loan. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 7.0% capitalization rate on 2019 net operating income (7.4% excluding capex), or 12.8x 2019 EBITDA (12.2x excluding capex). (“Park”) (NYSE: PK) today announced that it has closed on the sale of the 210-room Hotel Indigo San Diego Gaslamp Quarter in San Diego, CA and the 204-room Courtyard Washington Capitol Hill Navy Yard in Washington, DC, for combined gross proceeds of $149 million, or approximately $360,000 per key. TYSONS, Va., J(GLOBE NEWSWIRE) - Park Hotels & Resorts Inc.
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