Park Hotels & Resorts announced that it has closed on the sale of the 508-room Hilton Miami Airport located in Miami, Florida for $118.25M, or $233,000 per key. When adjusted for Park’s anticipated capital expenditures, the sale price represents a 6.2% capitalization rate on 2019 net operating income, or 14.0x 2019 EBITDA. Proceeds from the sale will be used to pay off the outstanding $50M revolver balance and for general corporate purposes.
Published first on TheFly
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