Park Hotels & Resorts Inc. Successfully Repays the $1.275 Billion CMBS Loan Secured by the Hilton Hawaiian Village Resort
Key Highlights
- ➤$1.275 billion CMBS loan repaid for Hilton Hawaiian Village Waikiki Beach Resort (PK)
- ➤$700 million Bonnet Creek mortgage financing funded part of repayment (PK)
- ➤$600 million delayed-draw term loan funded part of repayment (PK)
- ➤Weighted-average debt maturity extended approximately 1.5 years to 3.1 years (PK)
- ➤Less than 11% of total debt matures through 2027 (PK)
Expert Statements
Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park Hotels & Resorts Inc.
“We are extremely pleased to have successfully repaid the Hilton Hawaiian Village CMBS loan, an important milestone that further strengthens our balance sheet and enhances our financial flexibility.”
Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park Hotels & Resorts Inc.
“This transaction meaningfully extends our debt maturity profile while unencumbering one of the most iconic and irreplaceable resort assets in the world.”
Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park Hotels & Resorts Inc.
“With Hilton Hawaiian Village now unencumbered, we have significantly greater strategic flexibility to pursue opportunities that enhance long-term shareholder value.”
Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park Hotels & Resorts Inc.
“We are grateful for the continued support of our banking partners, whose confidence in our portfolio and business strategy helped facilitate these transactions and underscores the strength of our financial position.”
Park Hotels & Resorts Inc. Successfully Repays the $1.275 Billion CMBS Loan Secured by the Hilton Hawaiian Village Resort
Park Hotels & Resorts Inc. ("Park") (NYSE: PK) today announced that it has successfully repaid the $1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort ("HHV Mortgage Loan"). The repayment was funded with proceeds from Park's $700 million delayed-draw Bonnet Creek mortgage financing and a $600 million draw from its delayed-draw term loan facility. The HHV Mortgage Loan was scheduled to mature on November 1, 2026. Following the transaction, Park has extended its weighted-average debt maturity by approximately 1.5 years to 3.1 years (including all extension options), with less than 11% of its total debt maturing through 2027.
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