Search
 
News

Park Hotels & Resorts Sells Miami Airport Hotel for $118M

A separate press release from MCR suggests it is the buyer.

Park Hotels & Resorts has closed on the sale of the 508-room Hilton Miami Airport for $118.25 million, or $233,000 per key. The REIT did not announce the buyer but a separate press release from MCR announcing its purchase of the 508-room Hilton Miami Airport Blue Lagoon suggests it acquired the property from Park Hotels. 

The sale price represents a 6.2% cap rate on 2019 net operating income, according to Park Hotels. Proceeds from the sale will be used to pay off the outstanding $50 million revolver balance and for general corporate purposes.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Erika Morphy

Dig Deeper

Recommended Stories

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.