Park Hotels Resorts Inc. Completes the Sale of the Hotel Indigo San Diego Gaslamp Quarter and Courtyard Washington Capitol Hill Navy Yard TYSONS, Va., June 30, 2021 (GLOBE NEWSWIRE) -- Park Hotels Resorts Inc. (Park) (NYSE:PK) today announced that it has closed on the sale of the 210-room Hotel Indigo San Diego Gaslamp Quarter in San Diego, CA and the 204-room Courtyard Washington Capitol Hill Navy Yard in Washington, DC, for combined gross proceeds of $149 million, or approximately $360,000 per key. When adjusted for Parks anticipated capital expenditures (capex), the sale price represents a 7.0% capitalization rate on 2019 net operating income (7.4% excluding capex), or 12.8x 2019 EBITDA (12.2x excluding capex). Proceeds from the sale will be used to fully repay debt currently outstanding on the Companys revolving credit facility and partially repay debt currently outstanding on its one remaining bank term loan.