The story
In January 2017, Hilton Worldwide completed the corporate spin-off of its real estate assets into Park Hotels & Resorts to take advantage of the lack of corporate income taxes on real estate investment trusts and to enable Hilton to have an asset-light business model. Park Hotels became the second-largest publicly traded hotel REIT, with holdings of 67 hotels.
In 2018, Park Hotels sold 13 hotels that it considered "non-core" assets, including 10 of its 14 international properties, for a total of $519 million.
In March 2018, HNA Group, which had owned 25% of the company after it purchased 25% of Hilton Worldwide in 2016, sold all its shares for $1.4 billion.
In 2019, Park acquired Chesapeake Lodging Trust for $1 billion in cash plus $978 million in stock. The purchase added eighteen hotels to Park's portfolio, and diversified it by adding hotel brands franchised from Marriott, Hyatt, and others.
The company sold 10 hotels in 2019 and 2020, including its last properties outside of the United States, sold 5 hotels in 2021, and sold 4 hotels in 2022.
In 2023, the company placed two of its San Francisco hotels, the Hilton San Francisco Union Square and Parc 55 San Francisco, into receivership, effectively surrendering them to the mortgage holder for a deed in lieu of foreclosure, because of poor revenue projections and reduced property value.
From Wikipedia’s article on Park Hotels & Resorts, shared under CC BY-SA 4.0.7