Park Hotels & Resorts Inc.

Company type	Public company
Traded as	NYSE: PK S&P 400 component Russell 1000 Index component
Industry	Real estate investment trust Hotels
Founded	January 4, 2017; 8 years ago (2017-01-04)
Headquarters	Tysons, Virginia
Key people	Thomas J. Baltimore, Jr. (Chairman &CEO)
Revenue	$2.599 billion (2024)
Net income	$226 million (2024)
Total assets	$9.161 billion (2024)
Total equity	$3.594 billion (2024)
Number of employees	91 (2024)
Website	www.pkhotelsandresorts.com
Footnotes / references [1]

Park Hotels & Resorts is an Americanreal estate investment trust (REIT) focused onhotel properties, based inTysons, Virginia. It was formed in 2017 as a spin-off fromHilton Worldwide.

In January 2017,Hilton Worldwide completed thecorporate spin-off of its real estate assets into Park Hotels & Resorts to take advantage of the lack ofcorporate income taxes onreal estate investment trusts and to enable Hilton to have an asset-light business model.^{[2][3][4][5][6][7][8]} Park Hotels became the second-largest publicly traded hotel REIT, with holdings of 67 hotels.^[9][10]

In 2018, Park Hotels sold 13 hotels that it considered "non-core" assets, including 10 of its 14 international properties, for a total of $519 million.^[11][12][13]

In March 2018,HNA Group, which had owned 25% of the company after it purchased 25% ofHilton Worldwide in 2016, sold all its shares for $1.4 billion.^{[14][15][16][17]}

In 2019, Park acquired Chesapeake Lodging Trust for $1 billion in cash plus $978 million in stock. The purchase added eighteen hotels to Park's portfolio, and diversified it by adding hotel brands franchised fromMarriott,Hyatt, and others.^[18][19]

The company sold 10 hotels in 2019 and 2020, including its last properties outside of the United States,^[20] sold 5 hotels in 2021,^[21] and sold 4 hotels in 2022.^[22]

In 2023, the company placed two of its San Francisco hotels, theHilton San Francisco Union Square andParc 55 San Francisco, intoreceivership, effectively surrendering them to the mortgage holder for adeed in lieu of foreclosure, because of poor revenue projections and reduced property value.^[23][24]

Park Hotels & Resorts has whole or partial ownership of 40 hotels, containing 25,000 rooms.^[1] Most hotels operate under brands licensed from Hilton Worldwide, includingHilton,DoubleTree,Embassy Suites, andCurio.^[1] The hotels are managed by other companies, most of them by Hilton Worldwide.^[1]

Notable hotels owned by the company include:^[1]

• Capital Hilton –Washington, DC (25% interest)
• Caribe Hilton –San Juan, Puerto Rico
• Hilton Chicago –Chicago, Illinois
• Hilton Hawaiian Village –Honolulu, Hawaii
• Hilton New Orleans Riverside –New Orleans, Louisiana
• Hilton Orlando Lake Buena Vista –Lake Buena Vista, Florida
• Hilton Waikoloa Village –Puako, Hawaii
• JW Marriott San Francisco Union Square –San Francisco, California
• New York Hilton Midtown –Manhattan, New York
• Signia by Hilton Orlando Bonnet Creek –Orlando, Florida
• Waldorf Astoria Orlando –Orlando, Florida

• Ace Hotel Los Angeles —Los Angeles, California – Sold in 2019 for $117 million ($643,000 per room)^[25][26][27]
• Embassy Suites Washington, D.C. –Washington, DC — Sold in 2020 for $90.4 million^[28][29][30]
• Hilton San Diego Bayfront –San Diego, California (25% interest) — Sold in 2022^[22]
• Le Méridien New Orleans —New Orleans, Louisiana — Sold in January 2020^[31][32]
• Le Méridien San Francisco –San Francisco, California — Acquired in 2019 and sold in 2021^[33]
• Hilton San Francisco Union Square –San Francisco, California — Surrendered to lender in 2023^[23]
• Parc 55 San Francisco –San Francisco, California — Acquired in 2015 and surrendered to lender in 2023^[23]

• Official website

• 2017 establishments in Virginia
• American companies established in 2017
• Companies based in Fairfax County, Virginia
• Companies in the S&P 400
• Companies listed on the New York Stock Exchange
• Corporate spin-offs
• Hilton Worldwide
• Hospitality companies of the United States
• Real estate companies established in 2017
• Real estate investment trusts of the United States
• Tysons, Virginia

• Articles with short description
• Short description is different from Wikidata
• Official website different in Wikidata and Wikipedia