Park Hotels & Resorts completes sale of Hilton San Francisco hotels

Park Hotels & Resorts announced that on November 21, 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, which secured a $725M non-recourse CMBS 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. 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 were reflected on the Company’s balance sheet. In conjunction with the sale of the Hilton San Francisco Hotels to 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.