Park Hotels & Resorts has sold the Hyatt Centric Fisherman’s Wharf in San Francisco.
Located at 555 North Point Street, the 316-room hotel sold for $80 million - or $253,000 per key - with the sale price representing 64.0x the 2024 Ebitda of the hotel.
Park Hotels says the proceeds of the sale will be used for ongoing return on investment projects in the REIT’s portfolio and for other general corporate purposes.
Since 2017, Park Hotels has sold or disposed of 46 hotels for more than $3 billion. The company’s portfolio currently consists of 39 hotels and resorts, representing around 25,000 rooms.
What they said
Thomas J. Baltimore, chair & chief executive of Park Hotels said: “I am very pleased with the progress we’ve made toward achieving our strategic objective of disposing $300 million to $400 million of non-core hotel assets in 2025. This initiative reflects our continued commitment to improving the overall quality of our iconic portfolio as we continue to aggressively reinvest back into our robust ROI pipeline.”