MCLEAN, Va.--(BUSINESS WIRE)--
Park Hotels & Resorts Inc. (NYSE: PK) (“Park” or the “Company”)
announced today that certain selling stockholders (the “Selling
Stockholders”) affiliated with The Blackstone Group L.P. have informed
the Company that they have agreed to sell 16,830,000 shares of Park’s
common stock in privately negotiated transactions pursuant to Park’s
effective shelf registration statement. Following the closing of the
sale of such 16,830,000 shares and related distributions of the
remaining 84,809 shares of Park’s common stock held by the Selling
Stockholders to their respective partners, The Blackstone Group L.P. and
its affiliated funds will no longer beneficially own any shares of
Park’s common stock.
Park did not offer any shares of common stock in this transaction and
will not receive any proceeds from the sale of shares by the Selling
Stockholders.
The Selling Stockholders have further advised the Company that they
privately negotiated the sales of the shares of common stock directly
with certain investors.
Park has filed a registration statement on Form S-11 (File No.
333-217745) with the Securities and Exchange Commission (the “SEC”) for
the transaction to which this communication relates. For more complete
information about Park and this transaction, you should read the
prospectus in that registration statement and other documents Park has
filed with the SEC. You may get these documents for free by visiting
EDGAR on the SEC Web site at www.sec.gov.
The current final prospectus, dated May 19, 2017, and supplements
thereto dated June 1, 2017 (filed June 5, 2017), June 14, 2017, August
3, 2017, November 1, 2017 and November 3, 2017 are available on the SEC
Web site through the following respective links:
https://www.sec.gov/Archives/edgar/data/1617406/000119312517176798/d364947d424b3.htm
https://www.sec.gov/Archives/edgar/data/1617406/000119312517194788/d400032d424b5.htm
https://www.sec.gov/Archives/edgar/data/1617406/000119312517202936/d352589d424b3.htm
https://www.sec.gov/Archives/edgar/data/1617406/000156459017015407/pk-424b3.htm
https://www.sec.gov/Archives/edgar/data/1617406/000156459017020775/pk-424b3.htm
https://www.sec.gov/Archives/edgar/data/1617406/000156459017021524/pk-424b3.htm
Alternatively, the Company will arrange to send you the prospectus and
supplements thereto if you request them by calling toll-free at (800)
262-8408.
Nothing in this press release shall constitute a solicitation to buy or
sell or an offer to buy or sell securities. The sale of shares in the
proposed transaction will only be made pursuant to Park’s effective
registration statement referred to above.
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/20171128006441/en/
Park Hotels & Resorts Inc.
Ian Weissman
Senior Vice
President, Corporate Strategy
703-584-7441
[email protected]
Source: Park Hotels & Resorts Inc.