TYSONS, Va.--(BUSINESS WIRE)--
Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE:PK) today announced that on November 21, 2025 the court-appointed receiver completed the sale of the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the “Hilton San Francisco Hotels”), which secured a $725 million non-recourse CMBS Loan (“SF Mortgage Loan”). As previously announced, the Hilton San Francisco Hotels were placed in a court-ordered receivership in October 2023, when the receiver took full authority and control over the hotels’ operations and Park no longer had any economic interest in the operations of the hotels.
Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, “We are extremely pleased that the court-appointed receiver successfully completed a sale of the Hilton San Francisco Hotels after a years-long process. While Park no longer has any economic interest in these assets, with the completion of this sale, Park is now able to remove the legacy items from our financial statements that remained following the transfer of these assets into receivership in 2023. As we look ahead to 2026, Park continues to remain laser-focused on executing our strategic plan to sell non-core assets, invest in ROI projects within our core portfolio and continue to strengthen our balance sheet.”
During the receivership, interest, default interest and fees related to the SF Mortgage Loan were reflected on the Company’s statement of operations, and the SF Mortgage Loan plus accrued interest and fees (which totaled $874 million as of October 31, 2025) were reflected on the Company’s balance sheet. In conjunction with the sale of the Hilton San Francisco Hotels to (and the related assumption of the SF Mortgage Loan by) the buyer, the SF Mortgage Loan and associated accrued interest and fees through and including the date of the sale, as well as other items on the Company’s consolidated financial statements associated with the receivership, were derecognized with no effect on the statement of operations.
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 the effects of Park’s decision to cease payments on its $725 million SF Mortgage Loan secured by the Hilton San Francisco Hotels and the sale by the court-appointed receiver of the Hilton San Francisco Hotels, with the buyer assuming the SF Mortgage Loan, as well as Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including the completion of capital allocation priorities, the expected repurchase of Park’s stock, the impact from macroeconomic factors (including elevated inflation and interest rates, potential economic slowdown or a recession and geopolitical conflicts or trends, including trade policy, travel barriers or changes in travel preferences for U.S. destinations), the effects of competition and the effects of future legislation, executive action or regulations, tariffs, the expected completion of anticipated dispositions, the declaration, payment and any change in amounts of future dividends 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,” “hopes” or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Park’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events.
All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in Park’s filings with the Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
About Park Hotels & Resorts
Park is one of the largest publicly-traded lodging real estate investment trusts (“REITs”) with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 38 premium-branded hotels and resorts with over 24,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.
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For more information, contact:
Ian Weissman
Senior Vice President, Corporate Strategy
571-302-5591
[email protected]
Source: Park Hotels & Resorts Inc.