 TYSONS, Va., July 13, 2021 GLOBE NEWSWIRE -- Park Hotels Resorts Inc. Park or the Company NYSE:PK today announced that it has entered into two separate, definitive contracts to sell the 360-room Le Meridien San Francisco and the 171-room Hotel Adagio, Autograph Collection San Francisco, CA for total proceeds of 303.5 million, or an average sale price of approximately 572,000 per key. When adjusted for Parks anticipated capital expenditures capex, the blended sale price represents a 6.1 capitalization rate on 2019 net operating income 6.7 excluding capex, or 14.4x 2019 EBITDA 13.2x excluding capex. Management currently expects each of the transactions to close within the next 60 days. 