Park Hotels Sells Two Non-Core Properties
The Tysons, Virginia REIT sold two hotels in the third quarter as it continues disposing of lower-growth assets.
Updated on Nov. 5, 2026 in Hospitality
Park Hotels and Resorts sold the 314-room Hilton Short Hills in Short Hills, New Jersey, for $12 million and the 520-room The Wade in Chicago for roughly $19 million in the third quarter. Eleven of the 19 hotels originally identified as non-core have now been sold or otherwise disposed of.
Why it matters
The sales reflect Park's effort to concentrate its portfolio on its highest-earning hotels and resorts and reduce exposure to lower-growth assets. The company has disposed of 56 properties for slightly more than $3 billion since its spin-off from Hilton in early 2017.
Eleven non-core hotel sales generated $220 million in gross proceeds at an average of 16 times EBITDA, representing 3% to 4% of total portfolio value. Eight non-core hotels remain for sale, with a combined EBITDA of about $50 million.
The players
Park Hotels and Resorts
A Tysons, Virginia-based hotel real estate investment trust that was spun off from Hilton in early 2017 and has been selling non-core properties to focus on its top-performing hotels.
The details
Park sold the Hilton Short Hills and The Wade during the third quarter, with The Wade's sale also affecting a projected fourth-quarter loss of $1.3 million tied to that property. The company has also completed a 15-month, $100 million renovation of the Royal Palm South Beach in Miami, with its ramp expected to reach approximately $28 million of stabilized hotel-adjusted EBITDA by 2028.
Timeline
Early 2017: Park Hotels and Resorts is spun off from Hilton.
2019: Park acquires Chesapeake Lodging Trust, a little over two years after its spin-off.
Third quarter 2026: Park sells the Hilton Short Hills and The Wade.
Fourth quarter 2026: The Wade is projected to post a $1.3 million loss.
End of 2026: Park is expected to announce additional hotel sales.
Market Landscape
Park's disposal of 56 properties since its 2017 spin-off from Hilton shows a REIT narrowing its portfolio to premium assets rather than expanding broadly. The sales continue a consolidation trend in U.S. lodging ownership as owners prioritize higher-margin hotels amid uneven demand for lower-tier properties.
Travelers booking stays at Park's remaining portfolio may see the company's focus shift toward its highest-earning properties and resorts. Guests at the sold hotels will now deal with new ownership and operators, with no details yet announced on pricing or service changes.
The takeaway
Park's pattern of selling lower-growth hotels suggests that owners focused on premium assets may continue to prune portfolios rather than broadly expand. Investors and travelers alike can watch where the remaining non-core properties end up.
What happens next
Park is expected to announce additional non-core hotel sales around the end of 2026, and the company expects the sell-off to be largely complete in the near future.
Further reading
Explore more Hospitality coverage to see how hotel owners are reshaping their portfolios.
Source note: This article includes information reported by CoStar.
