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Home / Top News / Park Hotels & Resorts Announces the Sale of the W New Orleans – French Quarter and Provides an Update on Hotel Reopenings and Operating Trends
Park Hotels & Resorts Announces the Sale of the W New Orleans – French Quarter and Provides an Update on Hotel Reopenings and Operating Trends
TYSONS, Va., April 23, 2021 (GLOBE NEWSWIRE) Park Hotels & Resorts Inc. (NYSE: PK) (“Park” or the “Company”) today announced that it has closed on the sale of the 97-room W New Orleans – French Quarter (the “Hotel”) located in New Orleans, LA, for gross proceeds of approximately $24.1 million, or $249,000 per key. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 4.3% capitalization rate on the Hotel’s 2019 net operating income (5.8% excluding capex), or 17.9x the Hotel’s 2019 EBITDA (13.3x excluding capex). Proceeds from the sale will be used to repay debt.
Press release content from Business Wire. The AP news staff was not involved in its creation.
American Express Elects Thomas Baltimore to Board of Directors
January 27, 2021 GMT
NEW YORK (BUSINESS WIRE) Jan 27, 2021
American Express Company (NYSE: AXP) today announced that Thomas J. Baltimore, Jr., Chairman, Chief Executive Officer and President of Park Hotels & Resorts Inc., has been elected to its Board of Directors, effective January 27, 2021.
“Tom is a highly-respected leader in the hospitality industry, with over 30 years of experience, including more than two decades in senior executive roles navigating global organizations through significant changes in travel and lodging,” said Stephen J. Squeri, Chairman and Chief Executive Officer. “He also brings extensive capital markets knowledge, and I know our Board will benefit greatly from his insights as we continue to execute our strategy and make investments to structure the company for long term growth.”