Tysons, Va., Nov 25 — Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE:PK) today announced that on November 21, 2025 the court-appointed receiver completed the sale of the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the “Hilton San Francisco Hotels”), which secured a $725 million non-recourse CMBS Loan (“SF Mortgage Loan”). As previously announced, the Hilton San Francisco Hotels were placed in a court-ordered receivership in October 2023, when the receiver took full authority and control over the hotels’ operations and Park no longer had any economic interest in the operations of the hotels.
Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, “We are extremely pleased that the court-appointed receiver successfully completed a sale of the Hilton San Francisco Hotels after a years-long process. While Park no longer has any economic interest in these assets, with the completion of this sale, Park is now able to remove the legacy items from our financial statements that remained following the transfer of these assets into receivership in 2023. As we look ahead to 2026, Park continues to remain laser-focused on executing our strategic plan to sell non-core assets, invest in ROI projects within our core portfolio and continue to strengthen our balance sheet.”
During the receivership, interest, default interest and fees related to the SF Mortgage Loan were reflected on the Company’s statement of operations, and the SF Mortgage Loan plus accrued interest and fees (which totaled $874 million as of October 31, 2025) were reflected on the Company’s balance sheet. In conjunction with the sale of the Hilton San Francisco Hotels to (and the related assumption of the SF Mortgage Loan by) the buyer, the SF Mortgage Loan and associated accrued interest and fees through and including the date of the sale, as well as other items on the Company’s consolidated financial statements associated with the receivership, were derecognized with no effect on the statement of operations.