MCLEAN, Va.--(BUSINESS WIRE)--
Park Hotels & Resorts Inc. (NYSE: PK) (“Park” or the “Company”)
announced today that HNA HLT Holdco I LLC (the “Selling Stockholder”),
an affiliate of HNA Tourism Group Co., Ltd., has priced an underwritten
secondary offering of 34,479,524 shares of Park’s common stock at $25.75
per share, which was increased from the previously announced 32,950,000
shares. The offering is expected to close on March 9, 2018, subject to
the satisfaction of all closing conditions. In connection with the
offering, the Selling Stockholder has granted the underwriters an option
to purchase up to 5,171,929 additional shares of common stock from the
Selling Stockholder, which was increased from the previously announced
4,942,500 additional shares.
Concurrent with the offering, the Selling Stockholder granted to the
Company an option to repurchase from the Selling Stockholder, in a
privately-negotiated transaction, up to 15,750,000 shares of its common
stock (the “Share Repurchase”). The Company has exercised this option
with respect to 14,000,000 shares. The purchase price for the shares
covered by the Share Repurchase is $24.85 per share, which is the price
per share at which the underwriters will purchase shares of the
Company’s common stock from the Selling Stockholder in the offering. The
shares repurchased by the Company in the Share Repurchase will be
retired. The offering is not conditioned upon the completion of the
Share Repurchase.
Park did not offer any shares of common stock in the offering and will
not receive any proceeds from the sale of shares in the offering.
Barclays and J.P. Morgan are acting as joint book-running managers and
representatives of the underwriters for the offering. UBS Investment
Bank, Goldman Sachs & Co. LLC, Morgan Stanley, Deutsche Bank Securities
and Credit Suisse are also acting as joint book-running managers and
underwriters for the offering. In addition, BofA Merrill Lynch is
serving as an advisor to the Company in connection with the offering.
The offering of these securities is being made pursuant to an effective
registration statement. This offering will be made only by means of a
prospectus. A copy of the final prospectus relating to these securities,
when available, may be obtained from: Barclays Capital Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY
11717, email: [email protected],
telephone: (888) 603-5847, or J.P. Morgan Securities LLC, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
telephone: 1-866-803-9204. The final prospectus, when available, may
also be accessed through the website of the Securities and Exchange
Commission at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Park Hotels & Resorts Inc.
Park Hotels & Resorts Inc. (NYSE: PK) is the second largest publicly
traded lodging real estate investment trust with a diverse portfolio of
market-leading hotels and resorts with significant underlying real
estate value. Park’s portfolio currently consists of 55 premium-branded
hotels and resorts with over 32,000 rooms located in prime U.S. and
international markets with high barriers to entry.
Special Note About Forward Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include, but are not limited to, statements
related to Park’s current expectations regarding the performance of its
business, financial results, liquidity and capital resources, the
effects of competition and the effects of future legislation or
regulations and other non-historical statements. Forward-looking
statements include all statements that are not historical facts and, in
some cases, can be identified by the use of forward-looking terminology
such as the words “outlook,” “believes,” “expects,” “potential,”
“continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,”
“predicts,” “intends,” “plans,” “estimates,” “anticipates” or the
negative version of these words or other comparable words.
Forward-looking statements involve risks, uncertainties and assumptions.
Actual results may differ materially from those expressed in these
forward-looking statements. You should not put undue reliance on any
forward-looking statements in this press release. Additional factors
that could cause Park’s results to differ materially from those
described in the forward-looking statements can be found under the
sections entitled “Forward-Looking Statements,” “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and Results
of Operations” (or similar captions) in Park’s Annual Report on Form
10-K for the year ended December 31, 2017, filed with the SEC, as such
factors may be updated from time to time in Park’s periodic reports or
other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.
Forward-looking statements speak only as of the date on which they are
made and Park undertakes no obligation to update or revise publicly any
guidance or other forward-looking statement, whether as a result of new
information, future developments or otherwise, except as required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180306006804/en/
Park Hotels & Resorts Inc.
Ian Weissman, 703-584-7441
Senior
Vice President, Corporate Strategy
[email protected]
Source: Park Hotels & Resorts Inc.