MCLEAN, Va.--(BUSINESS WIRE)--
Park Hotels & Resorts Inc. (NYSE: PK) (“Park” or the “Company”)
announced today the pricing by certain selling stockholders (the
“Selling Stockholders”) affiliated with The Blackstone Group L.P. of a
secondary offering of 15,000,000 shares of its common stock at $26.15
per share. The offering is expected to close on June 7, 2017, subject to
customary closing conditions.
Park did not offer any shares of common stock in the offering and will
not receive any proceeds from the sale of shares in this offering.
Goldman Sachs & Co. LLC is serving as sole underwriter for 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: Goldman Sachs & Co. LLC,
Attention: Prospectus Department, 200 West Street, New York, NY 10282,
telephone: 1-866-471-2526, facsimile: 212-902-9316, or email: [email protected].
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 one of the largest publicly
traded lodging real estate investment trusts with a diverse portfolio of
market-leading hotels and resorts with significant underlying real
estate value. The Company’s portfolio currently consists of 67
premium-branded hotels and resorts with over 35,000 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 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, 2016, 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/20170601006757/en/
Park Hotels & Resorts Inc.
Ian Weissman
Senior Vice
President, Corporate Strategy
703-584-7441
[email protected]
Source: Park Hotels & Resorts Inc.