Hospitality group Park Hotels & Resorts has closed on the sale of the 601-room Hilton Berlin in a share deal worth €297 mln.
The names of the buyers were not disclosed.
The sale marks the 13th hotel that Park has sold so far in 2018 as part of a strategy aimed at recycling capital out of non-core assets and reducing exposure to international markets as well as joint venture interests.
Following the sale, Park now has ownership interests in four hotels outside the US, down from 14 hotels held at the beginning of the year.
'We are excited to announce the execution of another non-core asset sale at extremely favorable pricing,' said Thomas Baltimore, Jr., chairman and CEO of Park Hotels & Resorts. 'We have been laser-focused on reshaping our portfolio and maximizing value for our stockholders, and we are pleased that this sale helps to reduce our exposure to international markets, while further simplifying the ownership structure of our assets. Since the start of the year, we have successfully sold over $500 mln in non-core assets. We continue to be impressed by the strong demand for hotel assets and are very encouraged as we begin the second phase of our capital recycling programme.'
