Park Hotels sells Hyatt Centric Fisherman’s Wharf for $80 million

TYSONS, Va. - Park Hotels & Resorts Inc. (NYSE: PK), a large publicly traded lodging real estate investment trust, has announced the completion of its sale of the Hyatt Centric Fisherman’s Wharf in San Francisco. The 316-room property was sold for $80 million, equating to approximately $253,000 per key.

The transaction, which closed recently, is part of Park’s strategic plan to divest $300 million to $400 million of non-core hotel assets in 2025. The company’s Chairman and CEO, Thomas J. Baltimore, Jr., expressed satisfaction with the sale, noting it as a positive step towards enhancing the quality of their portfolio and financial flexibility. The proceeds are earmarked for reinvestment into the company’s return on investment projects and for other general corporate purposes. The company maintains a healthy current ratio of 1.17, indicating strong ability to meet short-term obligations.

Park’s strategic dispositions have been ongoing since 2017, with the company having sold or disposed of 46 hotels for over $3 billion. These actions are part of Park’s efforts to reshape its portfolio and boost long-term growth while focusing on capital allocation to maximize shareholder returns.

The press release also contained forward-looking statements regarding Park’s business strategy and financial performance. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

Park Hotels & Resorts boasts a diverse portfolio, which currently includes 39 premium-branded hotels and resorts, totaling approximately 25,000 rooms in prime locations.

The information provided in this article is based on a press release statement from Park Hotels & Resorts Inc.

In other recent news, Park Hotels & Resorts reported its first-quarter 2025 earnings, revealing a notable miss on earnings per share (EPS) expectations, with an EPS of -$0.29 compared to the forecasted $0.08. However, the company achieved a modest revenue beat, posting $630 million against the anticipated $614.12 million. Analysts have responded with adjustments to their outlooks; Citi maintained a Buy rating but lowered the price target from $16.00 to $13.00, reflecting updated assumptions on operations and financial metrics. Evercore ISI downgraded Park Hotels & Resorts from Outperform to In Line, citing challenges related to ongoing renovations and asset sales. Meanwhile, Jefferies increased the price target to $11 from $10, maintaining a Hold rating and acknowledging the company’s strategic capital allocation efforts. The firm is navigating renovation challenges, particularly at its Miami property, which is expected to complete by 2026. Park Hotels & Resorts continues to focus on asset sales to meet capital expenditure and return goals, with a strategic emphasis on managing its core portfolio.

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