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OFFON

PARK HOTELS & RESORTS INC.

(PK)
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KHP Capital Partners completed the acquisition of Le Meridien San Francisco from Park Hotels & Resorts Inc. (NYSE:PK).

08/31/2021 EST

KHP Capital Partners agreed to acquire Le Meridien San Francisco from Park Hotels & Resorts Inc. (NYSE:PK) for approximately $220 million during June 2021. Total consideration for this transaction and one other transaction is $303.5 million. Gross proceeds for the Le Meridien San Francisco are $221.5 million, or approximately $615,000/key. Consideration will be payable in cash at closing, subject to customary pro rations and adjustments. In a related transaction, Park Hotels & Resorts agreed to sell 171-room Hotel Adagio, Autograph Collection. When adjusted for Park’s anticipated capex, the sale price equates to a 5.9% capitalization rate on 2019 net operating income (6.5% excluding capex), or 15.0x 2019 EBITDA (13.7x 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. Transaction is expected to close within the next 60 days. The sale is expected to close during the third quarter of 2021. Net proceeds from the sales will be used to partially repay debt currently outstanding on its one remaining bank term loan, a portion of the 2019 Term Facility. Pro forma for the repayments, Park Hotels 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 of since spinning off from Hilton in January 2017 to 29, with total gross proceeds of approximately $1.7 billion. KHP Capital Partners completed the acquisition of Le Meridien San Francisco from Park Hotels & Resorts Inc. (NYSE:PK) on August 31, 2021. Le Meridien may also be receiving new management from HEI Hotels & Resorts, which owned Le Méridien between 2006 and 2011.


ę S&P Capital IQ 2021
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Financials (USD)
Sales 2021 1 349 M - -
Net income 2021 -464 M - -
Net Debt 2021 3 992 M - -
P/E ratio 2021 -9,32x
Yield 2021 0,02%
Capitalization 4 257 M 4 257 M -
EV / Sales 2021 6,12x
EV / Sales 2022 3,50x
Nbr of Employees 182
Free-Float 98,7%
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 18,00 $
Average target price 22,97 $
Spread / Average Target 27,6%
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Managers and Directors
Tom J. Baltimore Chairman, President & Chief Executive Officer
Sean Michael DellĺOrto Chief Financial Officer, Treasurer & Executive VP
Thomas C. Morey Chief Investment Officer & Executive VP
Patricia M. Bedient Independent Director
Timothy J. Naughton Independent Director