Park Hotels & Resorts
| Company type | Public |
|---|---|
| Industry | Real estate investment trust |
| Predecessor | Hilton Worldwide (spin-off) |
| Founded | 2017 |
| Founder | Hilton Worldwide (as spin-off) |
| Headquarters | Tysons, Virginia , United States |
Area served | United States |
| Products | Hotel properties ownership and management |
Park Hotels & Resorts is a U.S.-based real estate investment trust (REIT) that concentrates on hotel properties, with its headquarters located in Tysons, Virginia. Founded in 2017 as a spin-off from Hilton Worldwide, the company specializes in owning and managing high-end hotel assets.
History
In January 2017, Hilton Worldwide separated its real estate holdings to form Park Hotels & Resorts, aiming to benefit from the tax efficiencies of REITs and to shift Hilton toward an asset-light business model. Upon its inception, Park Hotels emerged as the second-largest publicly traded hotel REIT, controlling 67 hotels.
During 2018, Park divested 13 "non-core" hotels, including 10 of its 14 international locations, for $519 million to refine its asset portfolio. That year also saw HNA Group, which had acquired a 25% stake in Hilton Worldwide in 2016, exit its entire investment in Park Hotels for $1.4 billion.
The company broadened its holdings in 2019 by purchasing Chesapeake Lodging Trust for $1 billion in cash and an additional $978 million in stock. This acquisition added eighteen hotels and diversified Park’s portfolio with properties franchised under brands such as Marriott and Hyatt. Concurrently, Park sold off 10 hotels between 2019 and 2020, including all remaining international assets, followed by further disposals of five hotels in 2021 and another four in 2022.
In 2023, facing reduced revenue projections and declining valuations, Park Hotels handed over two San Francisco properties—the Hilton San Francisco Union Square and Parc 55 San Francisco—to receivership through a deed in lieu of foreclosure.
Properties
Park Hotels & Resorts holds full or partial ownership interests in 40 hotels totaling approximately 25,000 rooms. Most of these operate under Hilton Worldwide’s brands such as Hilton, DoubleTree, Embassy Suites, and Curio, with Hilton Worldwide primarily responsible for management.
Key properties include:
- Capital Hilton – Washington, DC (25% ownership)
- 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
Former notable properties
- Ace Hotel Los Angeles — Sold in 2019 for $117 million ($643,000 per room)
- Embassy Suites Washington, D.C. — Sold in 2020 for $90.4 million
- Hilton San Diego Bayfront (25% ownership) — Disposed of in 2022
- Le Méridien New Orleans — Sold in January 2020 for $84 million
- Le Méridien San Francisco — Acquired in 2019 and sold off in 2021
- Hilton San Francisco Union Square — Transferred to lender in 2023
- Parc 55 San Francisco — Purchased in 2015 and transferred to lender in 2023
External links
- Articles with short description
- 2017 establishments in Virginia
- American companies founded in 2017
- Businesses located in Fairfax County, Virginia
- Companies included in the S&P 400
- Entities traded on the New York Stock Exchange
- Corporate spin-offs
- Hilton Worldwide
- Hospitality firms in the United States
- Real estate enterprises established in 2017
- Real estate investment trusts in the United States
- Tysons, Virginia