Home / Top News / Park Hotels & Resorts Announces the Sale of the W New Orleans – French Quarter and Provides an Update on Hotel Reopenings and Operating Trends Park Hotels & Resorts Announces the Sale of the W New Orleans – French Quarter and Provides an Update on Hotel Reopenings and Operating Trends TYSONS, Va., April 23, 2021 (GLOBE NEWSWIRE) — Park Hotels & Resorts Inc. (NYSE: PK) (“Park” or the “Company”) today announced that it has closed on the sale of the 97-room W New Orleans – French Quarter (the “Hotel”) located in New Orleans, LA, for gross proceeds of approximately $24.1 million, or $249,000 per key. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 4.3% capitalization rate on the Hotel’s 2019 net operating income (5.8% excluding capex), or 17.9x the Hotel’s 2019 EBITDA (13.3x excluding capex). Proceeds from the sale will be used to repay debt.