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.
The sale is part of the company's plan to recycle capital out of non-core hotels, says CEO Thomas J. Baltimore, Jr. "Over the last twelve months, Park has sold eight hotels for over $435 million, with proceeds used to pay down debt and buy back common stock at a significant discount to NAV," he says in prepared remarks.
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Park Hotels now has $1.9 billion of liquidity, according to Baltimore, leaving the hotel company well-positioned to "opportunistically [take] advantage of the on-going dislocation between public and private valuations."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
