Park Hotel & Resorts will continue its campaign of selling off hotel properties to boost the liquidity of its balance sheet, aiming to sell another $400M worth of assets by the end of the year, the REIT said in a Q2 earnings call.
Thus far this year, the company has sold five hotels worth a total of $270M. Park said the hotel sales had been executed at or near pre-pandemic 2019 valuations. The funds have been invested back into the company in stock buybacks and debt reduction.
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