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Park Hotels & Resorts is actively selling its non-core hotel assets to focus on high-performing properties across the US. This year, five non-core hotels were sold, generating around USD 198 million, with three more set for exit by year-end. Non-core properties contributed minimal earnings in 2025, while core hotels delivered steady growth. November RevPAR rose about 2% excluding renovations, and core hotel performance improved 3.8% in October and 5.5% in November. Strong results from the Hilton Hawaiian Village Waikiki Beach Resort significantly boosted overall portfolio performance.
Park Hotels & Resorts has sold or reached agreements to sell five non-core hotels, generating gross proceeds of about USD 198 million. The average valuation multiple for these sales is around 43 times. Notable completed deals include the 316-room Hyatt Centric Fisherman's Wharf, sold in May 2025, and the company's joint venture interest in the 559-room Capital Hilton DC, sold in November 2025. Advertisement
In addition, the company plans to exit three more hotels on expiring ground leases before the end of the year. These properties include the 266-room Embassy Suites Kansas City Plaza, the 850-room DoubleTree Hotel Seattle Airport, and the 245-room DoubleTree Hotel Sonoma Wine Country. All three hotels had limited earnings in 2025, contributing minimal EBITDA.
For the eight non-core hotels under sale or planned exit, the average revenue-per-available-room (RevPAR) for 2025 was roughly USD 124, with an adjusted hotel EBITDA margin of only 7%. Park Hotels expects that by early 2026, all marketable non-core properties will be sold, marking the final stage of its portfolio transformation.
Operational performance among core hotels remains strong. October and preliminary November comparable RevPAR results were mostly in line with company expectations, despite temporary disruptions such as a government shutdown and reduced air traffic in November. Excluding the Royal Palm South Beach Miami, which closed for a renovation in mid-May 2025, preliminary November comparable RevPAR rose about 2%. Top-performing markets included Hawaii, New York, Denver, and Orlando, which posted gains between 6% and 19%.
Core hotels saw RevPAR growth of about 3.8% in October and 5.5% in November. The Hilton Hawaiian Village Waikiki Beach Resort led the performance with RevPAR growth of 20% in October and 26% in November, significantly boosting overall results.
The company's CEO highlighted that the sale of non-core hotels is a key step in improving the overall quality of Park Hotels & Resorts portfolio. By focusing on high-demand markets like Hawaii, Orlando, New York, and Miami, the company aims to strengthen its US presence, increase long-term profitability, and maintain resilience in a competitive hospitality market.
Source Reuters
5th Jun, 2025
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