Hilton Berlin Changes Hands

This year, Park Hotels & Resorts has sold more than $500 million worth of hotels as part of its plan to recycle capital out of non-core assets and reduce its presence in international markets.
Hilton Berlin
Hilton Berlin

Park Hotels & Resorts Inc. has closed the sale of Hilton Berlin, a 601-key hotel situated in the heart of Berlin, Germany, for nearly $350 million. This transaction marks Park’s 13th sale in 2018 and its 10th in an international market.

The sale aligns with Park’s strategy of recycling capital out of non-core assets and reducing its presence in international markets, as well as in joint venture interests. Earlier in March, the company closed on the $317 million sale of 11 non-core assets in the United Kingdom and one South African hotel.

“Since the start of the year, we have successfully sold more than $500 million in non-core assets. We continue to be impressed by the strong demand for hotel assets and are very encouraged as we begin the second phase of our capital recycling program,” Thomas Baltimore Jr., chairman & CEO of Park Hotels & Resorts Inc., said in prepared remarks.

Located at Mohrenstrasse 30, across the street from Berlin’s Gendarmenmarkt, the hotel is a short drive from the city’s two major airports, Berlin Tegel Airport and Berlin Schönefeld Airport. Other major attractions include the French and German Cathedrals and the concert house.

Hilton Berlin features 15 meeting rooms for up to 500 people, heated indoor swimming pool, fitness center, sauna, sunbed, spa, business center, bicycle rental and beauty salon. Other services include babysitting, personal training, pet services, room service and car rental desk.

Image via Google Street View