Park Hotels & Resorts has closed on the sale of the 316-room Hyatt Centric Fisherman’s Wharf located in San Francisco for $80 million, or $253,000 per key. The sale price represents 64.0x 2024 EBITDA of the hotel. Other terms and conditions were not disclosed.
Proceeds from the sale will be used for ongoing return on investment projects in Park’s portfolio and for other general corporate purposes. Park acquired the property in 2016. Sage Hospitality was selected to operate the property earlier this year.
“Despite a challenging transaction market, I am very pleased with the progress we’ve made toward achieving our strategic objective of disposing $300 million to $400 million of non-core hotel assets in 2025," Park Chairman and CEO Thomas Baltimore, Jr. said in a statement. "This initiative reflects our continued commitment to improving the overall quality of our iconic portfolio as we continue to aggressively reinvest back into our robust ROI pipeline, while simultaneously enhancing our liquidity position and financial flexibility. Since 2017, Park has sold or disposed of 46 hotels for over $3 billion, meaningfully reshaping our portfolio and strengthening our long-term growth. We remain laser focused on allocating capital to unlock the embedded value in our portfolio and maximize shareholder returns.”