Park Hotels & Resorts Sells Three Assets in Southeast, New Jersey for $166M

TYSONS, VA. — Park Hotels & Resorts Inc. has sold three assets for a total of $166 million, or $151,000 per room. The sold hotels include the 507-room Hilton Atlanta Airport; the 317-room Hilton New Orleans Airport; and the 274-room Embassy Suites Parsippany in Parsippany, N.J. The three properties had a combined $109 million RevPAR in 2018, which was 37 percent less than Tysons-based Park Hotels’ 2018 portfolio average. The buyer(s) was not disclosed.