An unknown buyer agreed to acquire Hotel Adagio, Autograph Collection from Park Hotels & Resorts Inc. (NYSE:PK) for $82 million on July 13, 2021. Buyer will pay $0.48 million per key. In a related transaction, an unknown buyer agreed to acquire 360-room Le Meridien San Francisco from Park Hotels & Resorts Inc for $221.5 million. Park’s anticipated capex, the sale price equates to a 6.6% capitalization rate on 2019 net operating income (7.1% excluding capex), or 13.0x 2019 EBITDA (12.2x excluding capex). Following the sale of both hotels, Park’s exposure to San Francisco will decrease by 210 basis points to 14.6% based on 2019 pro-forma Hotel Adjusted EBITDA. The transaction is expected to close within the next 60 days. Net proceeds from the sales will be used to partially repay debt currently outstanding on its one remaining bank term loan. Pro forma for the repayments, the Park Hotels & Resorts expects to have approximately $80 million of corporate bank debt outstanding. Once complete, the transactions will bring the total number of assets sold or disposed with total gross proceeds of approximately $1.7 billion. Park Hotels & Resorts signed deals to divest Hotel Indigo San Diego Gaslamp Quarter in San Diego, California and the Courtyard Washington Capitol Hill Navy Yard in Washington, DC on May.